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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 All Your Lawn Are Belong To Us on Friday August 02 2019, @03:02PM
Thanks for that source. It showed that from the 10th-80th percentile that from 2000-2018 the highest percentage gain was 12% and the midline was around 5%. Meantime between 2000 and 2016 the differences in annual average inflation (source [bls.gov]) showed a 39.53% increase. The 2007-2018 sourcing was even more pathetic. Funny how that span covers both parties.
Meantime as WSJ said, from current data ( https://beta.bls.gov/dataViewer/view [bls.gov] ) and not seasonally adjusted, between January 2017 and May of 2019 CPI-U has increased 6.18% against a backdrop of 10% income growth. Which is good-as-painted.
Nice news is nice. It will be even more interesting to analyze after the next recession begins which should be any quarter now. Far as I can tell a lot of recessions occur immediately after a spike in wage growth. But I could be wrong.
This sig for rent.