Housing prices are rising, and, while residential investment is increasing, it remains depressed as a share of GDP. Households have cut their debt and rebuilt their balance sheets, but the large loss in household wealth, weak growth in wages and income, the concentration of most income gains at the top, and a decline in labor’s share of national income to record lows continue to constrain consumption.
温和增长反映了需求疲软。房价正在上升，尽管住宅投资也在增长，然而其所占GDP比例仍然很低迷。家庭减少了其债务并重建资产负债表，但是家庭财富的巨大损失，工资收入增长疲软，大部分收入集中在高层，国民收入中劳动的比例降到历史低点，这一切都抑制了消费。