Despite unemployment at a near 50-year low, a soaring stock market and the longest expansion in US history, the recovery hasn’t yet reached these millions in economic hard times, say these analysts.
Even as wages overall are rising, about 50 percent of US workers received no pay raises last year, according to Bankrate. And in real terms, some say average salaries are stagnant.
“Today’s average inflation-adjusted wage in America has the same purchasing power that it did in 1978,” Liam Hunt, a market analyst at SophisticatedInvestor.com, told The Post. “That’s despite macroeconomic growth in terms of GDP, salary increases for the highest bracket of income earners and rapidly rising home costs,” he added. “In a growing economy, we should see real wage growth, though we haven’t.”
John Aidan Byrne, February 22, 2020, NY POST