The upper middle class is losing 2022 so far as the stock market tanks, inflation rages, and they take on more debt with high interest rates
in the first half of this year, despite rising inflation rates and damaged stock portfolios.
Upper-middle class households not only have less excess savings than other income groups, but have high levels of consumer credit debt. interest rates with the intention of slowing down inflation, passing its largest one-time rate increase since 1994 in June. But it's making the cost of debt more expensive — a one-two punch for people also reeling from the toll of inflation in the first place.
Data from the Atlanta Fed's Wage Growth Tracker can give a glimpse into how wage growth by income group over a year compares to skyrocketing inflation. The following chart shows the 12-month moving averages of median wage growth by group and year-over-year percent changes in the Consumer Price Index:Wage growth isn't keeping up with inflation for any income level. In particular, those in the top half are seeing less wage growth than the bottom half.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Asian markets rise ahead of possible U.S. rate hikeAsian stock markets were mostly higher Tuesday as investors braced for another sharp interest rate hike by the Federal Reserve to cool inflation.
Read more »
3 Stocks To Watch This Week: Alphabet, Amazon, Intel | Investing.comStocks Analysis by Haris Anwar/Investing.com covering: Intel Corporation, Alphabet Inc Class A, Amazon.com Inc, Alphabet Inc Class C. Read Haris Anwar/Investing.com's latest article on Investing.com
Read more »
Why Rising Inflation Means You Should Ditch Supermarkets for Your Local Farmers MarketGetting your produce from the farmers market is still worth it because of the health benefits and hospitality, even amid inflation, according to experts.
Read more »
Many (but not all) are struggling with back-to-school costs this yearWith inflation running high, low- and middle-income families are looking to stretch a dollar or pick up more income to afford sending their kids back to classrooms.
Read more »
Stock Futures Fall After Walmart Cuts Forecast, Says Inflation Hit Consumer SpendingWalmart’s announcement alarmed investors who weighed the implications for other retail stocks.
Read more »
AUD/USD retreats from monthly high below 0.7000 on dicey markets, Aussie Inflation, Fed eyedAUD/USD retreats from monthly high below 0.7000 on dicey markets, Aussie Inflation, Fed eyed – by anilpanchal7 AUDUSD Recession Inflation Fed Currencies
Read more »