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By Staff Reporters
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The S&P 500 Index was up 84.15 points (1.9%) at 4,495.70; the Dow Jones Industrial Average (DJI) was up 489.83 points (1.4%) at 34,827.70; the NASDAQ Composite (COMP) was up 326.64 points (2.4%) at 14,094.38.
And, new data shows Americans have more cash sitting in the bank than they did before the COVID pandemic.
- Americans have ~10%–15% more in their bank accounts than they did in 2019, according to a JPMorgan Chase analysis of 9 million Chase customers’ checking and savings accounts.
- Meanwhile, after lagging behind inflation for two years, wages are finally rising faster than prices. Last month, hourly wages were up 4%, while prices for consumer goods only climbed 3%.
Though Americans have more funds than they did before they had an opinion on the best brand of hand sanitizer, median account balances have dipped more than 41% from their peak in April 2021, when people collected stimulus checks with nowhere to go spend them, the Chase analysis shows. And people still want to shop—consumer sentiment spiked to an almost two-year high this month.
It helps explain why the recession that Wall Street kept warning us about hasn’t materialized, according to the Washington Post.
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Filed under: "Ask-an-Advisor", Accounting, Career Development, LifeStyle | Tagged: americans, CASH, Chase, DJIA, JPMorgan, NASDAQ, S&P 500, spending cash, Washington Post | Leave a comment »
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