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The data continues to be affected by the pandemic, comparisons to the recession one year ago, and now inflation. Inflation is now seriously impacting growth, Analyst Opinion of Personal Income and Expenditures The note from the BEA says it all: The estimate for April personal income and outlays was impacted by the continued government response to COVID-19. Economic impact payments associated with the American Rescue Plan Act of 2021 (which was enacted on March 11, 2021) continued but were at a lower level than in March. The full economic effects of the COVID-19 pandemic cannot be quantified i...

March 2021 Real Income And Expenditures Significantly Improve The data continues to be affected by the pandemic and the stimulus payments. Expenditures improved month-over-month (and is in expansion year-over-year) whilst income also improved month-over-month and is in expansion year-over-year. Analyst Opinion of Personal Income and Expenditures The note from the BEA says it all: The estimate for March personal income and outlays was impacted by the continued government response to COVID-19. Economic impact payments associated with the American Rescue Plan Act of 2021 (which was enacted on Ma...

January 2021 Real Income Grew Due To Stimulus The data continues to be affected by the pandemic. Expenditures improved month-over-month (but is in contraction year-over-year) whilst income improved month-over-month mostly due to the stimulus payments. Analyst Opinion of Personal Income and Expenditures The note from the BEA says it all: The increase in personal income in January was more than accounted for by an increase in government social benefits to persons as payments were made to individuals from federal COVID-19 pandemic response programs. The increase in "other" benefits primarily ref...

December 2020 Real Income Grew and Real Expenditures Declined The data continues to be affected by the pandemic. Expenditures declined month-over-month (and is in contraction year-over-year) whilst income improved month-over-month (and is in expansion year-over-year). Analyst Opinion of Personal Income and Expenditures The note from the BEA says it all: The December estimate for personal income and outlays was impacted by the response to the spread of COVID-19. Many provisions of the Coronavirus Aid, Relief, and Economic Security (CARES) Act continued to wind down before the Coronavirus Respo...

November 2020 Real Income and Expenditures Declined The data continues to be affected by the pandemic. Expenditures declined month-over-month (and is in contraction year-over-year) whilst income also declined month-over-month (but is in expansion year-over-year). Analyst Opinion of Personal Income and Expenditures The note from the BEA says it all: The November estimate for personal income and outlays was impacted by the response to the spread of COVID-19. Federal economic recovery payments slowed as pandemic-related assistance programs continued to wind down. The full economic effects of the...