A tale of two economies?

BofA economist: High earners keep spending, while lower earners are getting squeezed

The following article appeared in the March 19, 2025, edition of The Charlotte Ledger, an e-newsletter with smart and original local news for Charlotte. We offer free and paid subscription plans. More info here.

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Lower-income households are facing higher food prices and slower wage growth, Charlotte economist says

Consumers in Charlotte and across the country are navigating a shifting economy in different ways, with high-income earners continuing to spend while low-income households are pulling back, a Bank of America Institute economist said.

Speaking to a packed gathering of the Charlotte Economics Club last week, senior economist David Tinsley said that while pressures are mounting on low-income households in the form of higher food prices and slower wage growth, higher-income households are remaining resilient.