Market sentiment has recently shifted to prioritize defensive equity sectors. The attitude adjustment has lifted utilities shares, which are now outperforming the rest of the field as the top-performer, based on a set of sector ETFs through Tuesday’s close (Sep. 10).

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US household income rebounded in 2023, posting the first annual increase since the pandemic, according to new data published by the Census Bureau. Inflation-adjusted median household income rose 4% to $80,610 in 2023 vs. $77,540 in the 2022. Despite the statistical improvement, “For many households, they still don’t feel it,” says Beth Ann Bovino, chief economist at US Bank, in a reference to the lingering effects of inflation that spiked in 2022 but has been sliding ever since. While income rose in 2023, so did the poverty rate, which increased for a second year after pandemic aid provided by the government expired. The share of Americans living in poverty (defined by the Census Bureau) rose to 12.9% last year, up from 12.4 percent in 2022.

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