"A report published Wednesday found income growth, a metric showing how much one's earnings have increased, slowed to its lowest level in nearly a decade-and Gen Z and young millennials are being hit the hardest. All age groups saw weaker wage gains since the pandemic, but for 25-to-29-year-olds, annual income growth slowed to 5.2% last month, one of the lowest levels since 2011, when JPMorganChase Institute began collecting data."
"That flattening ladder means 15 million more adults under the age of 35 are living with their parents compared to a decade ago, a symptom of both median home prices skyrocketing 90% in the last 10 years, as well as a lack of steady and significant income. Federal Reserve Chair Jerome Powell warned at last month's Federal Open Market Committee meeting young people and young graduates "are having a hard time finding jobs,""
Income growth across age groups has slowed to its weakest level in nearly a decade, with Gen Z and young millennials disproportionately affected. Annual income growth for 25-to-29-year-olds dropped to 5.2%, one of the lowest readings since 2011. Younger workers rely on job-hopping for career advancement, but wage gains since the pandemic have been weaker, flattening the career ladder. Fifteen million more adults under 35 now live with parents compared with a decade ago, driven by median home prices rising about 90% over ten years and insufficient steady income. Federal Reserve officials warn young people and recent graduates face a low-hire labor market and AI risks to entry-level roles.
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