Most Saw Incomes Shrink in July
By Casey Harper (The Center Square)
New jobs data shows that a significant number of Americans saw their income shrink last month even as prices continue to rise.
Morning Consult released new economic data showing that the number of Americans reporting lost pay or income rose from 11 to 11.7% in July.
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“The U.S. labor market remains strong, but its best days may now be in the rearview mirror,” said John Leer, chief economist at Morning Consult. “With the Fed raising interest rates aggressively to combat high inflation, businesses are slowing hiring and expansion plans, releasing steam from a red-hot labor market.
“Whether that slowdown is swift and severe enough to tip the economy into a recession remains to be seen,” Leer added.
Poorer Americans have bee …