New Delhi, Sept. 19 -- Moody's Analytics chief economist Mark Zandi said on Tuesday that the US economy can most likely avoid a recession if the wealthiest individuals maintain their current level of spending.

In a post on the social platform X, Zandi showed recent data on spending levels for various income groups and wrote, "The US economy is being largely powered by the well-to-do."

"As long as they keep spending, the economy should avoid recession.but if they turn more cautious, for whatever reason, the economy has a big problem," he added.

The top 10 per cent consumers of the income distribution spent 49.2 per cent of total expenditure in the second quarter, up from 48.5 per cent in the first quarter, reaching the highest level sin...