Overview
- Median real income growth for prime-age workers was 1.6% in October, a pace comparable to the early 2010s despite a lower unemployment rate today.
- Household cash balances are flat in real terms heading into year-end, with some lower bank balances reflecting shifts to higher‑yield accounts.
- JPMorgan flags constrained spending power for younger and lower‑income consumers as hiring slows and early‑career advancement weakens.
- About half of workers aged 50–54 have experienced year‑over‑year earnings losses after inflation, reflecting vulnerability to price pressures.
- Consumer prices rose about 3% year over year in September and unemployment edged up to roughly 4.4%, while stock and property gains that could cushion spending are unevenly distributed.