Last Friday, the BEA released its Personal Income and Outlays report for August.
This article was originally published by Mish Talk.
Nominal Stats
Inflation Adjusted Stats
Income Flatlines
Three rounds of fiscal stimulus, easily visible in the top line of the chart have kept personal income intact throughout the entire pandemic.
Personal Current Transfer Receipts (PCTR) remains elevated since April of 2020.
PCTR includes food stamps, three rounds of Covid stimulus, federal pandemic unemployment benefits and other social handouts.
Real (inflation adjusted) income and real spending are well below the nominal numbers as inflation takes a toll.
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