The US economy is in a 'selective recession' as lower-income consumers can't cover the cost of living, JPMorgan says

• Lower-income Americans are already in a recession, according to JPMorgan's Matthew Boss.
• The analyst said the US was in a "selective" recession as some consumers .
• 67% of middle-class Americans said they believed their income wasn't keeping up with the cost of living.

The US economy is in a "selective recession," as lower-income Americans are struggling to get by while upper-income consumers are doing just fine, according to JPMorgan analyst Matthew Boss.

Speaking to CNBC on Tuesday, Boss pointed to the divergence in upper-income and middle-to-lower income Americans, the latter of whom are struggling to keep up with the rising cost of living as prices remain elevated and savings dwindle.