Here's what happened.
Many Americans are not spending their money this year due to high inflation. Americans are worried about the high inflation which is causing the low spending of the year.
Many businesses are losing money due to Americans not spending any money and saving it in case of rate spikes for essential things. many individuals who have homes are still worried for mortgage rates spiking. This is hurting businesses very much and is causing a lot of panic.
The effects of consumer spending is being seen in the economy and many businesses are losing money because of it.