Animal Spirits Podcast How Many People Make $100,000? (EP. 430)
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Sep 17, 2025 Dive into a blend of nostalgia and modern economic insights! Discover why the stock market seems indifferent to labor trends and how the top 10% are driving the economy. Explore the intriguing contrasts between gold and AI performance, and the dynamics of IPOs versus small caps. Reflect on Gen Z's wealth inequality and the unexpected resilience of the midwest housing market. Plus, amusing anecdotes from the Future Proof event make for light-hearted listening. It's a captivating mix of culture, finance, and a bit of fun!
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Stock Earnings Don’t Mirror GDP
- The S&P's earnings mix (about half goods, half services) diverges sharply from GDP composition.
- That gap helps explain why the stock market can advance even when the broader labor market looks weak.
Top Earners And Retirees Anchor Spending
- High-income households and retirees now account for outsized shares of U.S. consumption.
- Their resilience explains why spending can hold up even as employment indicators soften.
Labor Market Is Weird But Not Collapsing
- Prime-age labor force participation is near 20-year highs even as youth unemployment appears elevated.
- Layoff rates remain low versus the 2010s, so the labor market is weakening but far from collapse.
