Americans’ Income Collpsed By Most On Record In February
After the extreme surge in income and spending in January (as government handouts gushed across the nation), analysts expected February to see some give back (more on the income side than on the spending side) – they were right.
Americans’ income fell 7.1% MoM in February (-7.2% exp) vs the 10.1% (revised up) rise in January.
Americans’ spending fell 1.2% MoM in February (-1.0% exp) vs the 3.0% (big upward revision) jump in January.
Source: Bloomberg
That is the largest MoM decline in Americans’ income on record.
On a year-over-year basis, spending remains lower and while income growth tumbled, it is still up 4.3% YoY…
Source: Bloomberg
All of which means the savings rate tumbled from 19.8% in Jan to 13.% in Feb…
… as the Dec stimulus was spent but ahead of the March Biden stimulus.
What would the US ‘economy’ be without trillions of handouts from our overlords?
Tyler Durden
Fri, 03/26/2021 – 08:38
Fed Emergency Bank Bailout Facility Usage Hits New Record High; Money Market Funds See Small…
US Homeowner Equity Drops For First Time Since 2012 The housing bull market has peaked…
JPMorgan and Citigroup Are Using the Same Accounting Maneuver as Silicon Valley Bank on Hundreds…
At Year End, 4,127 U.S. Banks Held $7.7 Trillion in Uninsured Deposits; JPMorgan Chase, BofA,…
Do you really own something if someone forces you to make never-ending (and ever-increasing) payments…
Doug Casey On Why The US Is Headed Into Its 'Fourth Turning' Authored by Doug…