America's poorest workers are getting raises, but 80% of their spending is on increasingly pricey basic needs

Tue, 10/17/2023 - 08:51

Tech Insider

Economy

• The bottom 20% of American workers are devoting 80% of expenditures to essential goods like food.
• Comparably, only 55% of expenditures go to essential goods for the highest income quintile.
• This comes even as real wages are growing faster for lower-income Americans.

The rising cost of food, housing, transportation, and other essentials is impacting low-to-middle income Americans the hardest.

Tags

economy, JPMorgan, low-income, federal-reserve, wage-growth, real-wages, salary-increase

Source

America's poorest workers are getting raises, but 80% of their spending is on i…