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Story summary
- The U.S. economy shows a K-shaped recovery, with higher-income households benefiting from rising wealth and lower-income households facing stagnant wages.
- The top 40% of consumers drive two-thirds of spending.
- Wealth remains concentrated, with the top 10% owning 87% of stocks.
- Wage growth for lower-income workers has slowed to 1.5%, compared with 2.4% for higher earners.