Bob Elliott
· Nonconsensus
· July 02, 2026 at 09:54
| Read on Substack ↗
Summary
The article argues that US economic conditions remain primarily driven by household income and the savings rate, with wage growth per worker still sluggish. This means consumer spending power may remain constrained, limiting the pace of economic recovery and keeping downward pressure on inflation-sensitive assets.
•The author identifies household income and savings rate as the primary drivers of US economic conditions, not AI or other themes.
•Income growth is a function of both job growth and wage growth per worker.
•The article's title indicates that wage growth malaise continues, suggesting persistent weakness in labor income.