FNDA - Incomes Are Likely To Support Growth And Consumption

• Annualized compensation in September was $12.6 trillion, which was mostly wages and salaries and represented an increase of $747 billion since February 2020.
• The struggling Leisure and Hospitality sectors have seen an earnings pick-up of nearly $63/week since before the pandemic, and are close to levels that would have been received under the last stimulus package.
• It appears that even higher wages and/or benefits may be required to move people into the labor force given the still large gap between worker demand and the number of unemployed persons.

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