in the first half of this year, despite rising inflation rates and damaged stock portfolios.
Upper-middle class households not only have less excess savings than other income groups, but have high levels of consumer credit debt. interest rates with the intention of slowing down inflation, passing its largest one-time rate increase since 1994 in June. But it's making the cost of debt more expensive — a one-two punch for people also reeling from the toll of inflation in the first place.
Data from the Atlanta Fed's Wage Growth Tracker can give a glimpse into how wage growth by income group over a year compares to skyrocketing inflation. The following chart shows the 12-month moving averages of median wage growth by group and year-over-year percent changes in the Consumer Price Index:Wage growth isn't keeping up with inflation for any income level. In particular, those in the top half are seeing less wage growth than the bottom half.
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