Going forward, the EGIs are going to be released every three months. The next update, providing data through October 2023, will be on November 29, 2023. (September 25, 2023)

Equitable Growth Indicators (EGIs)

The Equitable Growth Indicators (EGIs) measure disparities in macroeconomic outcomes experienced by different demographic, economic, and geographic groups.

Decorative Image - variety of polaroid portraits of diverse group of people

The EGIs provide insight into disparities across four economic outcomes—inflation, real and nominal earnings, employment, and real and nominal consumer spending. The demographic and economic groups include race/ethnicity, age, veteran status, education and income. The geographic groups include urban/rural status, U.S. census regions, majority minority areas and low-income areas.

June 2023 Update (Released August 2)
Jump to: INFLATION | EARNINGS | EMPLOYMENTCONSUMER SPENDING

Inflation
Inflation is declining overall, as well as in the high-inflation categories of food and housing. Households headed by young people and the college-educated continue to experience higher inflation rates at 0.4 and 0.2 percentage point higher than the national average, respectively.

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Line chart showing the percentage point change in the overall demographic inflation rate for people below 25 years, between 25 and 54 years, and above 54 years from January 2019 to June 2023.

Earnings
The gender earnings gap has appeared to stabilize around 20%, while the urban-rural gap continues to fall, with rural workers now earning roughly 22% less than their urban counterparts.

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line chart showing the percent change in college premium (as measured by real earnings) from August 2019 to May 2023. The premium has risen to nearly 95 percent in May 2023 from just over 80 percent in December 2022.

Employment
The labor force participation and employment gaps between men and women are at their lowest levels in more than four years. Men are now 11 percentage points more likely to participate in the labor force, while the unemployment gap remains very small.

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Line chart showing the percentage point change in the gender labor force participation gap from March 2019 to June 2023.

Consumer Spending
Real retail spending of the young (age 25-34) continues to fall with a decline of nearly 60% between March and June 2023, while other groups have begun to recover since bottoming out in May 2023.

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Line chart showing the percent change in real retail spending for ages 25 to 34 years, 35 to 44 years, 45 to 54 years, and above 54 years from January 2020 to June 2023. 

About the Data
The EGIs are calculated using the Consumer Expenditure Survey microdata from the Bureau of Labor Statistics (BLS); National and Regional Consumer Price Indexes from the BLS; Current Population Survey microdata from the BLS; American Community Survey microdata from the U.S. Census Bureau; and consumer spending data from Commerce Signals, a TransUnion company.

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2023 Release Dates
The EGIs will be released every three months at or shortly after 10 a.m. on:

May 25
July 6
Aug 2
Nov 29

2024
Feb 28
June 5
Sept 5
Dec 4



How to cite this data:
Federal Reserve Bank of New York, Equitable Growth Indicators, https:// www.newyorkfed.org/research/equitable-growth-indicators.

Related Reading
Economic Inequality: A Research Series
The EGIs: Analyzing the Economy Through an Equitable Growth Lens
Why Are Some Places So Much More Unequal Than Others?
Understanding the Linkages between Climate Change and Inequality in the United States

Disclaimer
The Equitable Growth Indicators are not official estimates of the Federal Reserve Bank of New York, its President, the Federal Reserve System, or the Federal Open Market Committee.
About the EGIs
Economic analysis often focuses on understanding the average effects of a policy or program. However, it is vital to understand how macroeconomic trends vary across geographic, demographic, and socioeconomic boundaries. Analysis of the New York Fed EGIs helps bring a deeper understanding of equitable growth considerations to policymaking, research,
and practice.

We update the EGIs every three months at or shortly after 10 a.m. on the dates posted toward the bottom of this page.

The EGIs are not official estimates of the Federal Reserve Bank of New York, its President, the Federal Reserve System, or the Federal Open Market Committee.
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