Are paychecks expected to catch up with rising costs?
One can argue that the household income decline was simply the effect of the pandemic and household incomes will right themselves in no time. Or that the personal income data as tracked by BEA is a better measure of how well off Americans are. But since the beginning of 2020, that’s been a bumpy line, complicated by government stimulus payments that cause a spike in the macro-income number one month only to see a drop the next.
“Inflation and income, you can’t disassociate the two. Regardless of what happens to income in nominal terms, real income [adjusted for inflation] will drop,” says Tomic.– both economists expect inflation to take a bigger and bigger bite out of consumers’ wallets, no matter which way their incomes go.
And many may be forced to stay in their cold homes since the cost of gasoline has risen 49.6%. During his tenure as president and CEO of Walmart U.S., Bill Simon said thebecause as gas prices rise, its customers shopped less. – The hardest hit households were those headed by men: family households headed by men with no spouse present, down 4%, and nonfamily households headed by males, down 3.8%. Typically married-couple family households have the highest incomes but they didn’t escape the downward pressure, dropping 2%, while the lower-earning nonfamily households dropped even more, down 3.1%. The lone exception were households headed by women, either family or nonfamily, which saw a modest increase.
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