Several commentators have been perplexed as to why voters feel that economically distressed despite the positive data points about the macro economy. This chart from the Federal Reserve helps to explain why voters are less sanguine about the economy:
Selected Component Shares of National Income
Source: St. Louis Federal Reserve
In a recent publication detailing national economic trends, the St. Louis Fed shows that while profitability has been trending strongly upwards, compensation has been going the opposite direction. Compensation is now at 25-year lows. That spread explains the phenomena of how the economy can improve while people feel worse off about their own economic situation.
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Quote of the Day:
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