Wage growth is dropping fast. Down to 3.9% YoY for American Workers. 📉
That is now the lowest rate of wage growth since the pandemic started. And also below the 60-year average.
Bad news for US Economy & Housing Market. ❌ pic.twitter.com/YgomPshuyf
— Nick Gerli (@nickgerli1) October 6, 2023
Americans are struggling to make ends meet.
The number of people holding 2 full-time jobs just hit an all-time high of 447,000.
Tight credit will cause wage gains at companies to lag behind price inflation, so it will only get worse.
"Strong and resilient" pic.twitter.com/z4NVShdWg7
— Joe Consorti (@JoeConsorti) October 6, 2023
Starting with the details of the BEA card data…
Nonstore retailers continued to trend sharply lower vs the pre-COVID trend through 9/29 and total retail sales in general appears to have taken a big step down from July & Aug.
Really not a lot of positive trends to report, even… pic.twitter.com/66Nb6GHEUj
— Parker Ross (@Econ_Parker) October 6, 2023
Looking at the BofA card data through 9/30, total card spending per HH was up 1.8% y/y, which is up sharply from -0.3% last week. pic.twitter.com/iZJK8KHePo
— Parker Ross (@Econ_Parker) October 6, 2023
Inflation Is Making Americans Poorer – Why Paul Krugman Can’t Admit It
Census Bureau data shows median household income has plummeted to $74,580, marking the third consecutive year of decline. Despite this, economist Paul Krugman touts a thriving economy, contradicting the 71% who perceive economic hardships. Rising costs consistently outpace nominal wage growth, with real wages falling 4% since Biden’s inauguration. Krugman’s inconsistent views on inflation highlight his detachment from the struggles of average Americans. This economic downturn isn’t mere chance but a consequence of deliberate policy decisions.