“A new report from the Center for American Progress, a left-leaning think tank, looked at how wealth changed for different age cohorts from 2019 to 2023 by analyzing data from the Federal Reserve’s Distributional Financial Accounts.

The analysis found good news for the much-beleaguered millennial generation: Their wealth grew at a historic clip.

Per CAP’s analysis, from the end of 2019 to the end of 2023, the average wealth of households under 40 grew by 49% — a $85,000 increase, to $259,000 from $174,000. The analysis said that rate of rapid wealth growth had never happened before in the data series’ history, and it came after wealth growth remained relatively stagnant for young Americans prepandemic.

Here’s the whopper: Wealth gains were even higher for just millennials, who were 23 to 38 in 2019; their wealth doubled from the end of 2019 to 2023.”

From MSN.

“In America hourly pay growth among 16- to 24-year-olds recently hit 13% year on year, compared with 6% for workers aged 25 to 54. This was the highest ‘young person premium’ since reliable data began (see chart 3). In Britain, where youth pay is measured differently, the average hourly pay of people aged 18-21 rose by an astonishing 15% last year, outstripping pay rises among other age groups by an unusually wide margin. In New Zealand the average hourly pay of people aged 20-24 increased by 10%, compared with an average of 6%.

Strong wage growth boosts family incomes. A new paper by Kevin Corinth of the American Enterprise Institute, a think-tank, and Jeff Larrimore of the Federal Reserve assesses Americans’ household income by generation, after accounting for taxes, government transfers and inflation. Millennials were somewhat better off than Gen X—those born between 1965 and 1980—when they were the same age. Zoomers, however, are much better off than millennials were at the same age. The typical 25-year-old Gen Z-er has an annual household income of over $40,000, more than 50% above baby-boomers at the same age.”

From The Economist.

“Better labor market conditions and slower inflation in the country could turn the administration’s single-digit poverty incidence aspirations into a reality two years ahead of schedule.

This was according to the latest Macro Poverty Outlook for the Philippines, released by the World Bank on Monday. It estimated that poverty incidence in the country could decrease to 9.3 percent in 2026 from 12.2 percent this year and 17.8 percent in 2021.”

From BusinessMirror.