If you've been thinking to yourself lately, "Man, Joe Biden's economy really stinks!" I have news for you: It's literally the truth.
Americans are cutting back on personal hygiene products in a troubling sign for the US economy and consumer-focused companies.
Despite surging inflation, shoppers kept spending thanks to income gains and government stimulus. But those benefits are waning, and now Americans are skimping, even on everyday items such as toilet paper and toothpaste.
One single mother reports downgrading her toothpaste and switching from normal hand lotion to Vaseline.
Personal-hygiene products, including staples, have taken a hit, according to NIQ, which tracks purchases at US retailers. Units sold of toothpaste, laundry detergent and toilet paper are down around 3%-4% in the 52 weeks through June 24.
Overall, the latest consumer spending report indicates that "inflation-adjusted household outlays for all goods and services have essentially stalled after a surge early this year."
So the next time that someone tells you:
