The No. 1 cause of America's affordability problem just got worse [CNN]
JP Morgan Chase & Co. (JPM)
Last jp morgan chase & co. earnings: 4/14 06:43 am
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Source: CNN
The latest jobs report revealed Tuesday that the problem got even worse last month – and a separate inflation report Thursday could show that the crunch is really on. American workers made an average of $36.86 an hour in November, up 3.5% over the past year, the Bureau of Labor Statistics reported Tuesday. That may sound like a nice raise, but it's barely enough to keep pace with the 3% annual gain in consumer prices. And it was the lowest annual paycheck growth that Americans have had since May 2021. And, of course, that's just an average, boosted by a 4% wage gain last month among top earners, Bank of America's deposit data showed. Middle-income household paycheck gains were just 2.3%, and low-income households gained just 1.4% in pay over the past year. Smaller raises and rebounding inflation are fueling America's cost-of-living problems. “Wage growth is easing into a sustained affordability crisis,” said Joe Brusuelas, chief economist at RSM US. The annual growth in Ame
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