Income growth in the US has slowed to a near-decade low, with young workers especially hard hit, in a sign American consumers are struggling with a weakening labour market and persistent inflation.
Real income growth for workers aged between 25 and 54 this year dropped to its slowest pace — excluding during periods of pandemic volatility — since the 2010s when the 2008 financial crisis led to high levels of unemployment, according to new research by the JPMorgan Chase Institute.
The slowdown is the latest sign of an increasingly distressed US labour market, and comes as Federal Reserve officials are expected to cut rates on Wednesday.
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