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New data show much faster growth in wages and incomes.
Wages and salary figures have been going up faster than previously estimated, with the year-over-year increase revised from 3.6% to 5.5%. Even after adjusting for inflation, that is 4.1%.
Overall personal income is up, transfer receipts (welfare) are down, and savings is up. Americans are relying less on the government and saving more of what they earn. Personal savings is 8.1%, not the 6.1% that had been estimated. Consumer spending is up despite the increase in savings. The fact that spending isn't accompanied by a household debt increase makes the economic expansion more durable.
The numbers for the first quarter of 2019 look particularly good for reducing income inequality. Corporate profits declined while wages grew at an annualized rate of 10.1%.
(Score: 2) by DeathMonkey on Friday August 02 2019, @03:47PM (1 child)
Why wouldn't you just link to the WSJ for that Opinion piece?
(Score: 1, Informative) by Anonymous Coward on Friday August 02 2019, @10:43PM
Direct links don't work unless you pay. We aren't all going to pay.
Also, they could change the article after posting it. The archive won't do that.