Overview
- Median real income growth for ages 25–54 was about 1.6% year over year in October, matching the weak pace seen in the early 2010s.
- Inflation-adjusted bank balances have been largely flat this year, leaving limited additional cushion for discretionary spending.
- Younger workers are missing typical early-career income gains in a low-hire labor market, and roughly half of those aged 50–54 saw real earnings decline.
- Higher-wealth households can supplement spending with equity and property gains, but those gains are highly concentrated across the population.
- Consumer prices rose about 3% annually in September and consumer confidence weakened even as unemployment hovered near 4.4%.