Are things getting better or worse? Depends on how you make your money, reports the Federal Reserve Bank of Philadelphia, citing US Bureau of Economic Analysis data:
CAPITAL: "Dividends, interest, and rents increased more than 2 percent in the fourth quarter in all three states and the nation.
LABOR: "Wages and salaries grew more modestly at a quarterly rate of 0.6 percent in Delaware, 0.7 percent in New Jersey, 1.1 percent in Pennsylvania, and 0.8 percent in the nation.
GOVERNMENT: "Quarterly growth in transfer payments slowed to 0.4 percent in Delaware, halted at 0.0 percent in the nation, and declined in New Jersey (0.3 percent) and in Pennsylvania (0.1 percent)." -- So:
- If you own stocks, bonds, apartments or other assets, your income, on average, is at least keeping pace with inflation.
- If you work for someone else, your income's recovering very slowly. (Actually it's still falling, if you factor in the price of bread, meat and gasoline.)
- If you depend on government checks, it's time to get a job. Or buy a building. (Though if you could do that, you wouldn't depend on government. Would you?)