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Americans have vastly different views of the economy — and the divergence is being driven in part by income bracket, data shows.
Higher-income consumers were more likely to report stronger economic confidence readings when asked to look over the next year given changes that have come since the presidential election, according to JPMorgan's Cost of Living Survey.
This release adds to a growing body of qualitative and quantitative evidence showing the U.S. economy is in a "K-shape," a term used by economists to describe the deviation in economic experiences by income. In other words, it can explain why well-off Americans are continuing to spend while lower earners buckle under inflationary pressures.
"Survey results indicated a notable bifurcation," JPMorgan's Matthew Boss, a widely followed and respected consumer analyst, wrote in a Tuesday note to clients.
