Wages for poor workers began rising much faster than they did for the rich, although that era may have now come to at least a temporary halt. With it, poorer workers’ spending behavior appears to be changing, too. In June, the three-month moving average of BofA credit- and bank-card spending by households dropped vs. a year ago.
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The era of big raises for low-paid workers is over
“The best way that workers are able to get wage increases is to switch jobs, and you’re not seeing that as much.”
