59% in US Living Paycheck to Paycheck as Corporate Profits Surge to All-Time Highs
Jake Johnson, Aug.30, 2022
Corporate profits hit a record $2 trillion in the second quarter. Meanwhile, many workers are unable to afford a $400 emergency payment. A new report out Monday shows that 59% of U.S. consumers were living paycheck to paycheck last month and many were unable to afford an emergency expense of $400—all while the country's corporations enjoy record-shattering profits.
Compiled by PYMTS and LendingClub, the analysis finds that nearly three in five consumers were living paycheck to paycheck in July as high inflation continues to eat into workers' inadequate wages.
"A large share of consumers are essentially living on the razor's edge."
While the July figure represents a slight decline from the June level of 61%—leading the corporate press to put a positive spin on the data—the report stresses that the share of consumers living paycheck to paycheck "has trended upward" over the past year, "increasing from 54% in July 2021."
https://www.commondreams.org/news/2022/08/30/59-us-living-paycheck-paycheck-corporate-profits-surge-all-time-highs
Corporate profits hit a record $2 trillion in the second quarter. Meanwhile, many workers are unable to afford a $400 emergency payment. A new report out Monday shows that 59% of U.S. consumers were living paycheck to paycheck last month and many were unable to afford an emergency expense of $400—all while the country's corporations enjoy record-shattering profits.
Compiled by PYMTS and LendingClub, the analysis finds that nearly three in five consumers were living paycheck to paycheck in July as high inflation continues to eat into workers' inadequate wages.
"A large share of consumers are essentially living on the razor's edge."
While the July figure represents a slight decline from the June level of 61%—leading the corporate press to put a positive spin on the data—the report stresses that the share of consumers living paycheck to paycheck "has trended upward" over the past year, "increasing from 54% in July 2021."
https://www.commondreams.org/news/2022/08/30/59-us-living-paycheck-paycheck-corporate-profits-surge-all-time-highs
