Output grew 2.2% at an annual rate in Q2 2026, and employers added 29,000 jobs in Sep 2026. Consumer prices were 3.7% higher than a year earlier.
A reading of the latest data, not a forecast.
FOR HOUSEHOLDS
Average hourly pay is not quite keeping up with inflation. Real spending grew 2.6%, compared with 1.3% for real take-home income.
KEEP IN MIND
These releases describe different periods. GDP covers Q2 2026; the latest mortgage reading is Oct 15, 2026. National averages can hide local differences.
SINCE THE PREVIOUS EDITION
6 of 15 indicators have a new or revised reading.
New unemployment claims: new reading · Consumer inflation: new reading · Real hourly wage growth: new reading · Industrial production: new reading · 30-year mortgage rate: new reading · Rent inflation: new reading
Lower inflation means prices are rising more slowly. These charts show how far prices have risen since January 2020—and whether pay has caught up.
Average hourly pay33.0% highersince January 2020
Consumer prices29.8% highersince January 2020
A basket that cost $100 in January 2020 would cost about $129.8 in Sep 2026, based on overall CPI. Consumer prices · January 2020–Sep 2026 · Total increase over this whole period, not one year.
Have paychecks caught up with prices?
Both lines start at 100. For example, 125 means a 25% increase from the starting month. Same scale for both lines.
What can an hour of work buy?
Above 100: more than in January 2020. Below 100: less.
102.52.5% more purchasing power Sep 2026
Purchasing power = wage index ÷ price index × 100. It measures what an average hour’s pay can buy, before taxes. This is the cumulative change since January 2020, not the annual growth rate shown on the real-wage card.
What these averages can—and cannot—tell us
Pay is average hourly earnings for all employees on private nonfarm payrolls. Prices use the overall Consumer Price Index, including food and energy. Both source series are seasonally adjusted and indexed to January 2020.
Average pay can move because the mix of workers changes. In 2020, the loss of many lower-paid jobs pushed the average up; that spike does not mean everyone received a raise. This comparison does not follow the same people over time or account for taxes, hours worked, or differences in household spending.
Missing observations appear as gaps. The latest comparison uses the most recent month available in both series. A different starting date can change the cumulative result; January 2020 provides a fixed pre-pandemic reference.
When business prices rise, how much covers higher costs—and how much becomes extra profit?
A different measure from the shopping basket above. The earlier chart tracks consumer prices since January 2020. This section tracks corporate prices, starting in late 2019 by default. The dates are similar, but the measures cover different things. We cannot use this cost-and-profit split to divide the shopping basket’s increase.
Q4 2019 → Q2 2026 · Both charts in this section use these dates and the same corporate measure.
1 / THE PRICE CHANGE
How much did prices rise?
Corporate price measure: 27.2% higher from Q4 2019 to Q2 2026.
This view shows the total change since late 2019, close to the starting date of the consumer chart above.
Then · Q4 2019$100.00
Now · Q2 2026$127.18
That’s $27.18 more.
Both bars start at $0. This is a $100 example based on the data, not the price of a specific product.
2 / THE COSTS AND PROFITS
Where did the extra $27.18 go?
$16.56covered higher costsWorker pay and other costs combined
$10.53became additional profitBefore corporate income taxes
About 61% of the increase covered higher costs. About 39% showed up as higher profits.
The 9-cent difference comes from rounding in the source figures and dollar labels. This shows where the increase appears in the accounts, not why businesses raised prices.
These figures cover U.S. corporations outside finance. They measure the value businesses add after purchased supplies and services are subtracted—not a typical shopping basket.
See the numbers and profit history
Q4 2019–Q2 2026 · Changes per starting $100
Component
Change
Labor compensation
$10.72
Other costs
$5.84
Before-tax profits
$10.53
Rounding residual
$0.10
How much of value added goes to profits?
Before-tax profits ÷ corporate value added. This is not a profit margin on sales.
18.8%Q2 2026 13.4% in Q4 2019
What this tells us—and what it cannot prove
Record dollar profits alone do not demonstrate higher margins: a larger economy or higher prices can increase profit dollars even at unchanged margins. The profit history under “See the numbers” puts profits in relation to value added.
This is an accounting breakdown, not an estimate of “profiteering.” Profits can change with productivity, demand, industry mix, and costs. An increase in profits per unit does not establish an increase in markups over marginal cost or identify what caused inflation.
Labor includes wages and benefits. Other costs include depreciation, production taxes less subsidies, and net interest and miscellaneous payments. Purchased materials and services have already been subtracted in calculating value added; “other costs” is not a measure of all input bills. Profits are before corporate income taxes, with BEA’s inventory valuation and capital consumption adjustments.
Each contribution is the change in that component per unit divided by the starting price per unit, multiplied by 100. The rounding residual makes contributions reconcile with the published price change. Series are seasonally adjusted, may be revised, and use matched quarters. Q4 2019 is the fixed pre-pandemic baseline; the wage chart uses January 2020.
View quarterly source values
Dollars per unit of real value added; profit share in percent
How much the broad consumer price index has changed over the past year.
How to read this
Lower inflation means prices are rising more slowly. It does not mean the price level has returned to where it was.
Calculated as the percentage change from the same month one year earlier. Charts use the latest revised history available. Their vertical scales vary, so compare labeled values rather than the steepness of lines.
Annual price growth in consumer spending, excluding volatile food and energy prices.
How to read this
Core PCE helps reveal the underlying trend, but food and energy still matter to household budgets.
Calculated as the percentage change from the same month one year earlier. Charts use the latest revised history available. Their vertical scales vary, so compare labeled values rather than the steepness of lines.
Annual growth in average private-sector hourly earnings after adjusting for consumer inflation.
How to read this
An average, not a typical worker’s pay raise. Changes in the mix of jobs can affect it; hours worked also matter.
Calculated by dividing average hourly earnings by CPI, then measuring the change from one year earlier. Charts use the latest revised history available. Their vertical scales vary, so compare labeled values rather than the steepness of lines.
Annual growth in disposable personal income after taxes and inflation.
How to read this
This is total household income, not per-person income. Growth can be uneven across households.
Calculated as the percentage change from the same month one year earlier. Charts use the latest revised history available. Their vertical scales vary, so compare labeled values rather than the steepness of lines.
Annual growth in purchases of goods and services after removing price changes.
How to read this
Spending shows demand, but it does not by itself tell us whether households are financially comfortable.
Calculated as the percentage change from the same month one year earlier. Charts use the latest revised history available. Their vertical scales vary, so compare labeled values rather than the steepness of lines.
Annual growth in the volume of output from factories, mines, and utilities.
How to read this
This covers the industrial side of the economy, not the much larger services sector.
Calculated as the percentage change from the same month one year earlier. Charts use the latest revised history available. Their vertical scales vary, so compare labeled values rather than the steepness of lines.
Annual change in the S&P Cotality Case-Shiller national home-price index.
How to read this
A national repeat-sales measure with a reporting lag. Local prices and the homes available to buy can differ substantially.
Calculated as the percentage change from the same month one year earlier. Charts use the latest revised history available. Their vertical scales vary, so compare labeled values rather than the steepness of lines.
Annual growth in the consumer price index for rent of a primary residence.
How to read this
This reflects rents paid across existing leases, so it can lag changes in advertised rents for new tenants.
Calculated as the percentage change from the same month one year earlier. Charts use the latest revised history available. Their vertical scales vary, so compare labeled values rather than the steepness of lines.
Delayed source · data through May 2026. Newer months are not available in this download. Checked Oct 16, 2026.
Year-over-year change in the total number of Connecticut home sales recorded in Redfin’s all-residential dataset. This measures completed sales, not prices or listings.
How to read this
Includes single-family homes, condos/co-ops, townhouses, and 2–4-unit multifamily properties covered by Redfin. This is not a complete registry of every property transfer. Monthly counts are not seasonally adjusted; compare with the same month a year earlier. Historical values can be revised. Comparable chart history starts in February 2017; earlier counts do not consistently reconcile with the source’s published annual changes.
Calculated as the percentage change from the same month one year earlier. Charts use the latest revised history available. Their vertical scales vary, so compare labeled values rather than the steepness of lines.
Why does everything still feel expensive when inflation falls?
Inflation measures how quickly prices change. If it falls from 5% to 2%, prices are still rising—just more slowly. Broadly falling prices would be deflation. Affordability also depends on how incomes change.
Is the stock market the same thing as the economy?
No. Share prices reflect expectations about future profits and interest rates. Employment, incomes, and production describe different parts of economic life. They can move in different directions.
What does “real” mean? And what is a percentage point?
“Real” means adjusted for inflation. A rise in unemployment from 4% to 5% is an increase of 1 percentage point, or 25% relative to its starting value. This dashboard labels changes in rates in percentage points.
Where do these numbers come from?
The national data comes from FRED at the Federal Reserve Bank of St. Louis, with underlying releases from BLS, BEA, the Department of Labor, the Federal Reserve, Freddie Mac, and S&P Dow Jones Indices. Each chart links to its exact series and source notes. Most series are seasonally adjusted; mortgage rates and the national home-price index are not. Annual changes are calculated from the supplied series, so CPI may differ slightly from the unadjusted headline release.
Refreshes check all 15 indicators, including Connecticut home sales from Redfin. The Connecticut chart is a state-level addition to the national indicators. Redfin coverage includes single-family, condo/co-op, townhouse, and 2–4-unit multifamily properties. Its sales counts are not seasonally adjusted. Weekly, monthly, and quarterly releases keep their own observation dates. The briefing uses transparent comparisons of these readings, not a composite score or recession prediction. Changes and revisions are compared with the previous saved edition.