Spending climbs among the rich, as everyone else's debt rises, study says

Spending among the rich is propping up the economy, per a report analyzing detailed credit card data out Wednesday from the Federal Reserve Bank of Boston.

Why it matters: These big spenders are masking increasing fragility in the economy among low- and middle-income Americans, who are seeing rising debt levels and slower spending growth — a situation that doesn't bode well for the economy overall.

Zoom in: The Boston Fed analyzed large-scale credit card data that cover about 80% of card balances in the U.S., and includes information on monthly spending, debt balances and income when the account was opened. • They looked at spending and debt across low-, middle- and high-income earners, and found that for the lowest-income group (earning less than $39,000), spending increased sharply i