Inflation Weighing on US Income Growth Ahead of Holiday Season, Study Says

Inflation has helped set back income growth to levels comparable to the slow recovery from the Great Recession more than a decade ago, potentially constraining the spending power of U.S. consumers ahead of the critical holiday retail season, according to an analysis of bank account data from the JPMorgan Chase Institute.

"Households are going into the end of the year with weak income growth and bank balances that remain flat, after adjusting for inflation," institute researchers concluded, while noting that in some cases checking and savings account balances may reflect money being diverted to higher-yield money market or similar funds to take advantage of current interest rates...

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