After a prolonged period of high inflation and higher interest rates, Americans are just getting by.
As of August, 60% of adults said they are living paycheck to paycheck, according to a new LendingClub report, unchanged from last year.
Real average hourly earnings declined 0.5% for the month, the U.S. Department of Labor said in a separate release.
"The data underscores the pervasive nature of financial challenges affecting a majority of consumers," said Alia Dudum, LendingClub's money expert.
Central bank officials have already raised rates 11 times, pushing the Fed's key interest rate to a target range of 5.25% to 5.5%, the highest level in more than 22 years.
Persons:
paychecks, Alia Dudum, Jerome Powell
Organizations:
U.S . Bureau of Labor Statistics, U.S . Department of Labor, Finance, Money, Homeowners, Federal Reserve