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Average wage growth remains +3.5% year-over-year. The growth of overall income for American workers exceeds +5.4 percent year-over-year. Unemployment is a low 3.6% and U.S. consumer inflation remains low at 1.4 percent. Meaning: the middle-class has more disposable income to save or SPEND; and that’s what is happening….
Reminder #1: Consumer spending is two-thirds of the U.S. economy.
Reminder #2: We consume more than 80 percent of our own production (products created in USA). We do not rely on exports.
Reminder #3: Because of #1 and #2, the “Main Street” U.S. economy is self sustaining -much stronger- and more protected from the negative impacts on the global economy.
Reminder #4: Who/What is at risk from global contraction? The Wall Street economy (compromised primarily of multinationals). What is not at risk, the Main St economy.
Reminder #5: Because of #3 and #4, Wall Street can drop while Main Street thrives.
This is the fundamental disconnect. These Main Street results, this dynamic, is the space between two economic engines. The investment class on Wall Street can go through pain, while the middle-class on Main Street thrive. We are in the space between.