It looks like this 'recovery' is going to need a triple-seasonal-adjustment to bring reality back to perception...
[4]
h/t @RudyHavenstein
As we concluded previously, [5]we may as well go ahead and place that as the tombstone for the socio-economic entity previously known as the middle class.
It’s not the case that every one of these middle- and upper-class households turned to pawnshops and payday lenders because they got whomped by an unexpected bill from a mechanic or a dentist. “People who are in these [non-bank] situations are not using these forms of credit to simply overcome an emergency, but are using them for basic living experiences,” Mills says.
