The gap between higher and lower-income households is widening as inequality progress since pandemic has 'gone into reverse,' BofA economist says

The gap between higher and lower-income households is widening as inequality progress since pandemic has 'gone into reverse,' BofA economist says

America’s consumer economy showed renewed signs of strength in July, but the gains are not being shared equally. According to the Bank of America Institute’s latest report, Consumer Checkpoint: Gains and gaps, higher-income households are enjoying accelerating wage growth and increased spending, while lower-income households face slowing pay gains and flat expenditure—marking the widest such divide in more than four years. The Institute’s resear…