The gap even widened within the middle class, with the span between lower and upper household incomes at the 30th and 80th percentiles growing by $9,000.
“Companies are doubling down on costs cuts and streamlining their operations,” said Chris Rupkey, chief financial economist at MUFG Union Bank in New York. Workers “at the bottom have not seen as much improvement as those at the very top of society.”
This article was provided by Bloomberg News.