Americans have plenty of reasons to tighten their belts. That's bad news for the economy.
Wages and student loans
It wasn't until June that pay raises caught up to inflation after two years of lagging, with average hourly wages up 4.3% annually last month.reported that real hourly compensation since 2020 has seen the sharpest drop-off relative to any other period dating back to at least World War II. Morgan Stanley strategists wrote in a recent note that as consumers start to feel more financial pressure heading into the fall — which is also— discretionary spending could see the steepest decline.
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