Over the past three and half years, growth in U.S. consumer spending has averaged a paltry 0.2 percent adjusted for inflation, the weakest in the post-World War II period, Morgan Stanley says...
Over the past year, pay for blue-collar workers adjusted for inflation fell 12 cents from the previous year, according to the Bureau of Labor Statistics. That was the steepest decline since the stagflationary days of 1980.
Pay for all workers has fallen 16 cents this year in real terms. [emphasis added]
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Morgan Stanley's Stephen Roach sees the balance sheet recession taking years to play out.