WASHINGTON (AP) — Despite record highs in the U.S. stock market, a recent survey reveals that two-thirds of Americans are reducing their spending. The slight dip in consumer confidence comes as elevated inflation and persistent high gas prices continue to impact household budgets.

The survey data highlights a disconnect between the financial markets and the everyday economic realities for many Americans. While the stock market has been experiencing a period of significant growth, reaching new peaks, consumers are feeling the pinch of rising costs for essential goods and services.

Gas prices, a key driver of inflation, have remained stubbornly high, impacting transportation costs for individuals and businesses alike. Inflation, measured by the Consumer Price Index (CPI), remains above historical averages, eroding purchasing power and forcing consumers to make difficult choices about their spending.

This trend of reduced consumer spending could have broader implications for the U.S. economy. Consumer spending accounts for a significant portion of overall economic activity, and a slowdown in spending could dampen economic growth. Economists are closely monitoring consumer behavior to gauge the overall health of the economy and anticipate potential future trends.

The survey's findings underscore the varying experiences of different segments of the population. While some individuals and families may benefit from investments in the stock market, many others are struggling to keep up with the rising cost of living. This divergence in economic fortunes contributes to a complex and challenging economic landscape.