Get my @Morning_Joe charts and my @NYTimes OpEds & posts by signing up at https://t.co/HTXoNEdR9g Bluesky: @steverattner.bsky.social Threads: stevenrattner

Since late 2024, wages at the bottom have been growing more slowly than those at the top. That’s a reversal of a nearly decades-long trend of higher growth at the bottom. My @Morning_Joe Chart

Trump is completely unconcerned by the shutdown, and proceeding with his normal priorities: building a fancy ballroom in the White House. https://t.co/eRTve6BvI8

While layoffs remain at normal levels, those without a job are facing a tougher economy. Over a quarter of unemployed Americans have been jobless for more than half a year. My @Morning_Joe Chart

Payrolls growth is anemic. It’s also concentrated in big businesses, and the leisure & hospitality and health & education sectors. My @Morning_Joe Chart

Despite weakness in the labor market, the stock market is still relatively strong — a factor which has buoyed upper class spending in recent years. My @Morning_Joe Chart

The top 20% of earners have almost entirely accounted for real consumption growth since 2019. My @Morning_Joe Chart

Since late 2024, wages at the bottom have been growing more slowly than those at the top. That’s a reversal of a nearly decades-long trend of higher growth at the bottom. My @Morning_Joe Chart

In the first half of 2025, AI-related investment accounted for 31% of GDP growth. Growth excluding this investment was only 1.1%. My @Morning_Joe Chart

Lately, the economy has been full of mixed signals. I’ll be on @Morning_Joe to break it all down.

The IEA is projecting a historically high annual oil glut in 2026, not a great incentive for boosting production.

If you’re wondering whether AI is in a bubble, 54% of investors in BofA’s latest survey say yes. https://t.co/RzvL8mK6ko

The S&P 500 is expensive but also unusually profitable, which wasn't true in the dot-com days. That profitability drives growth, and as long as companies feed the market the growth it wants, it will continue to shake off concerns about politics or the broader economy. My

Wow — new AI-made articles online are already outnumbering human-generated content.

Republicans are far more likely to support sending troops to cities with Democratic mayors than censoring museum content. Which do you think is worse?

The S&P dropped 2.7% today, in its worst day since April. The cause was, of course, Trump.

Consumer sentiment remained essentially unchanged in October, slightly decreasing among Democrats and rising among Republicans.

Moody’s chief economist estimates that 22 states are already in or at high risk of a recession, and only 16 are expanding. Notably, California and New York are “treading water”.

The GOP tax bill cut $137B in rural Medicaid funding, and then added in $50B in rural hospital funding to try to compensate. Rural hospitals have already been closing for years. My @Morning_Joe Chart

Don’t let the GOP’s lies fool you: undocumented immigrants can’t get Medicaid, Medicare, or Obamacare. The only way in which the federal govt might pay for their healthcare is through ERs, which are required to give emergency care to all people. Medicaid reimburses hospitals for