It’s not a recession. But Goldman says your paycheck is acting like it
Goldman Sachs economists report that real personal income per American worker has declined by 0.6% over the past year, a rate typically seen only during recessions. This erosion of purchasing power is attributed to rising tariffs and energy prices, which have outpaced wage growth. Despite this squeeze, consumer spending has remained resilient due to factors like tax refunds and a low savings rate, but Goldman predicts this support will fade, leading to slower economic growth. AI
