INCREASED INCOME

Pre-Covid, income growth for the lowest income quartile was almost 5%/year, while for the other quartiles growth was 3.5%/year. By mid-2022, income growth for the bottom and second highest quartiles peaked at almost 8%/year but was nearly 6% for the other two quartiles. Now income growth is almost identical across all quartiles, ranging from 5.5% for the second lowest quartile to 4.9% for the top, suggesting labor shortages are dissipating.