Middle-class income growth has lagged behind that of the upper class since 1970, according to a Pew Research Center report published May 31.
There are signs that middle-class Americans are dialing back their spending.
Fast food joints, a mainstay dining destination for middle-income consumers, are leaning into discounts to placate frustrated diners.
Kohl’s that same month reported weak first-quarter results, underlining how middle-income consumers are pulling back spending on non-essential clothing and discretionary merchandise at department stores.
Economic growth has been anemic in recent years, squeezing living standards and starving public services of funds.
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