The economic party rolls on for the rich. For everyone else, not so much

Rich Americans are spending at a higher rate this year — everyone else is basically slowing their roll.

Why it matters: New data makes clear that while the good times continue for higher-income earners — strong wage growth, less debt — lower-income Americans are under increasing financial stress.

By the numbers: Spending increased nearly 2% in July from last year for higher income households, and 1% for middle-earners, according to a Bank of America Institute analysis released earlier this week. • For the lowest third of households, those earning roughly $50,000 a year or less, spending growth was zero, zip, zilch, nada — 0.0%, per the analysis, which looked at internal credit- and debit-card spending data from BofA. • Wage growth is slowing at the bottom, too. Up just 1.3% in July f