Bob Elliott: Real income growth weakest since 2022 outweighs U.S. GDP data

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Andrey Mastykin

01.05.2026

Bob Elliott: Real income growth weakest since 2022 outweighs U.S. GDP data — Real income growth lags behind GDP

Bob Elliott, co-founder / CIO at Unlimited, notes that while recent attention has been on the U.S. GDP figures, the more significant issue is the slowest pace of real income growth since 2022.

Elliott suggests this development carries greater weight for the economic outlook than the headline GDP data.

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Elliott has previously flagged external pressures on markets. He warned that the ongoing Hormuz closure is raising prices daily. In a separate note, he observed that higher U.S. crude exports are driven by inventory drawdowns rather than increased output.

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