#income-disparity

#income-disparity

Wealthy consumers are driving retail and restaurant spending, despite inflation and high prices affecting lower-income households.

Consumer spending remains a key factor supporting U.S. economic growth against the backdrop of high prices and interest rates.

Inflation and interest rates have decreased purchasing power for low-income Canadians while benefiting wealthier households.

In 2023, CEO compensation dropped nearly 20%, contrasting with decades of increases, showing a potential shift in pay dynamics.

CEO compensation in adtech firms can be significantly higher than median employee pay, highlighting growing income disparities.

Home prices have surged 38% during the COVID-19 pandemic, making homeownership unaffordable for many.

The majority of American households struggle to afford new homes due to skyrocketing prices and high mortgage rates.

South Dakota experienced a remarkable 17% increase in median household income, attributed primarily to agricultural success, despite varying economic factors.

Public servants experiencing slower income growth compared to welfare recipients, with a notable increase in disability allowances and Jobseeker's Allowance.

Wage growth outpacing price increases, resulting in concerns about disparity between income growth for those in employment and welfare recipients.

Increased reliance on overseas workers in Ireland, especially evident in the ICT sector.

Retail sales show modest growth in August, indicating cautious consumer spending amidst inflation.

U.S. GDP grew by 2.8% in Q2, surpassing expectations, driven by consumer spending and business investments.

Alberta's economy shows signs of growth due to record immigration, but individual consumer spending is decreasing, leading to a 'me-cession' instead of a recession.

Consumers are reducing spending, creating a divide between mass-market and less price-sensitive sectors, affecting economic perceptions.

The economy is divided between the affluent with strong spending power and the less-affluent facing increasing debt and financial challenges.

Higher interest rates have impacted various sectors of the economy differently, benefiting higher-income households and corporations while negatively affecting small businesses and lower-income households.

Some of the poorest states have higher homeownership rates than wealthier states due to lower home prices relative to income levels.

Owning a house in the U.S. is less affordable than in the last 17 years.

Working-class white Americans feel left behind economically, impacting their support for politicians like Donald Trump. Black Americans' economic mobility has improved, narrowing the income gap.

BIPOC households in metro Boston spend 41% of income on rent, compared to 33.5% for white households.

Low-wage workers in certain sectors in California are not benefiting from the recent increases in minimum wages, causing disparity and a call for equal treatment.

Equal Pay Day highlights gender pay gaps.

Cities like Frisco, Texas, and Irvine, California, have significant disparities in earnings.

Santa Cruz ranks as the most expensive metropolitan county in the US for renters for the second year in a row.

California's top 5% of earners make $454,829, lower than top earners in 12 other states.

Comparison of top earners, median income, and lowest earners' income in California, Texas, and Hawaii.

Remote workers are experiencing a substantial loss in income, around $22,000 annually, compared to in-office workers.

Employers may need to offer higher pay to attract and retain employees if they cannot provide the flexibility of remote work.

Wealthy, college-educated employees are more likely to have the option to work from home compared to lower-income workers.

The COVID-19 pandemic has further exacerbated the divide in remote work opportunities based on sector, pay, and location.

Women in Prince George's County, MD, earn slightly more than men.

Wyoming, Utah, Louisiana, Alabama, and West Virginia have the widest gender pay gaps in the United States.

California women have a relatively small gender pay gap compared to other states.

California women's incomes are higher than the national average, contributing to the smaller pay gap.

Over 300,000 families in poverty despite full-time work

High housing costs contribute to financial struggles

Nearly two million New York City residents, including one in four children, lived in poverty in 2022, with 23 percent of the city's residents in poverty.

The surge in poverty was largely attributed to the end of pandemic-era government policies like the expanded child tax credit and enhanced unemployment insurance.