Institute Insights — 05-31-2026

Summary

• The number of people moving within the same city declined by 4% over the past two years, while moves to a different city or state fell 11%.
• Midwestern cities like Columbus and Indianapolis are growing in popularity, while major coastal hubs like Boston and Miami are seeing residents leave.
• Payroll growth has begun to lift, and job switching is edging higher, though the pay advantage from switching has slowed from post-pandemic heights.
• Millennials who switch jobs see wages grow twice as fast as those who stayed, while Gen Z switchers see earnings grow four times faster.
• More than 40% of workers are experiencing flat or declining after-tax pay, while the top 5% of earners appear to benefit from staying put.
• Small business profitability dipped 1.3% year-over-year to its weakest point in two years, even as overall consumer spending remains strong.
• Gasoline spending growth per small business client jumped nearly 31% year-over-year in April.
• Payroll growth persists in agriculture and transportation sectors, while it continues to fall in some services and wholesale trade.
• Small business payroll growth is strongest in the South and weaker in western cities like Phoenix and Las Vegas.
• Pet store spending was up around 1% year-over-year in April 2026, while vet spending was up almost four times as much.
• Rising pet care costs are causing some owners, particularly younger and lower-income households, to trade down on food, cut back on extras, or skip vet visits.
• Tech-related health conditions are estimated to cost the global economy at least $7 trillion annually due to factors like prolonged screen exposure.
• The US wellness economy has a market value of around $2 trillion, with consumers anticipating spending more on health and wellness this year.