Published:
Domestic economy to pull down 2014 household income growth
Effectively erasing earlier expectations.
Household income growth will likely come in lower this year, contrary to initial expectations, given the weaker than expected domestic economy.
According to a research note from UBS, the lower income household could continue to see higher income growth than the better off household.
This is amid the slowdown in median household income to 4.1%y/y in 2Q14 from 5.0%y/y.
Income growth is a key driver of consumption, whereas household debt levels provide clues about the capacity to borrow to smooth consumption during downturns or exposure to stress if debt is excessive.
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