Heterodox
Real personal income and spending both decline in May – but that’s OK, as it was mainly expiration of stimulus; NBER likely to declare end of recession soon The last of the 4 monthly coincident markers for whether the economy is in recession vs. expansion was reported this morning for May. Let’s take a look. Personal income declined -2.0% in nominal terms, which on top of April’s decline of -13.1%, has taken back most, not by no means all, of...
Read More »Real personal income and spending both decline in May – but that’s OK
