Employment generates income and spending.
The gap vs the pre-covid path is closing at an ever slowing rate.
And the cost of living is rising faster than wages, which exacts a toll as well.
![](https://moslereconomics.com/wp-content/uploads/2022/05/image-11.png)
![](https://moslereconomics.com/wp-content/uploads/2022/05/image-12.png)
These are inflation-adjusted:
![](https://moslereconomics.com/wp-content/uploads/2022/05/image-9.png)
This came out last week:
![](https://moslereconomics.com/wp-content/uploads/2022/05/image-10.png)