Here is the output:
Source: Fortune
Summary
America’s economy is increasingly divided between the wealthy and the poor. The wealthy are benefiting from rising stock prices and home values, while lower-income households are struggling with inflation and a slow job market. Economists point to consumer spending as a key factor, with those without a college degree experiencing a slower increase in spending compared to those with a degree. The Federal Reserve Bank of New York analyzed consumer spending data and found that college graduates are continuing to consume more than non-graduates, despite a difficult labor market. The findings support the idea of a “K-shaped economy,” where the wealthy are doing well while the poor are struggling.
Our Reading
The numbers tell one story.
The New York Fed analyzed consumer spending data and found that college graduates are consuming more than non-graduates. Despite a difficult labor market, college graduates are continuing to spend at a higher rate than non-graduates. The data supports the idea of a “K-shaped economy,” where the wealthy are doing well while the poor are struggling. The Fed’s findings are consistent with previous research showing that the top 10% of Americans make up 50% of spending. The data also suggests that educational attainment is a key factor in determining consumer spending power. However, the findings come at a time when many young Americans are questioning whether college is worth it anymore.
The announcement sounds familiar.
The K-shaped economy is a phenomenon where the wealthy are doing well while the poor are struggling. The data from the New York Fed’s analysis supports this idea, showing that college graduates are consuming more than non-graduates. The findings are consistent with previous research showing that the top 10% of Americans make up 50
