Last Friday, the BEA released its Personal Income and Outlays report for August.
Nominal Stats
- Personal Income: +0.2% from July
- Disposable Personal Income: +0.1% since July
- Spending rose 0.8% following a 0.1% decline in July.
Inflation Adjusted Stats
- Real Disposable Personal Income: -0.3% since July
- Real Spending rose 0.4% following a 0.5% decline in July.
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.
Thanks for Tuning In
Like these reports? If so, please Subscribe to MishTalk Email Alerts.
Subscribers get an email alert of each post as they happen. Read the ones you like and you can unsubscribe at any time.
If you have subscribed and do not get email alerts, please check your spam folder.
Mish
