Americans’ personal spending dropped for the second month in a row in December, despite a modest (better than expected) rise in incomes on pandemic relief.
Purchases decreased 0.2% from the prior month, following a downwardly revised 0.7% decline in November.
Personal incomes rose 0.6%, stronger than the 0.1% gain projected.
On a year-over-year basis, spending is starting to drop faster (down 2.0%)…
It looks like we’re gonna need another bailout.