by Personal income, which includes gov transfer payments, is coming down in steps after spiking for the fiscal adjustments, and still remains a bit higher than it would have been as transfer payments wind down: Transfer payments are coming down, but remain elevated largely due to unemployment: Excluding transfer payments it’s still well short of where it was: Real consumption, supported by transfer payments, has come back but is leveling off below pre-covid levels:
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Personal income, which includes gov transfer payments, is coming down in steps after spiking for the fiscal adjustments, and still remains a bit higher than it would have been as transfer payments wind down:
Transfer payments are coming down, but remain elevated largely due to unemployment:
Excluding transfer payments it’s still well short of where it was:
Real consumption, supported by transfer payments, has come back but is leveling off below pre-covid levels:
