Posted on 10/31/2021 11:22:34 AM PDT by RomanSoldier19
Americans saw their incomes drop by a full percentage point in September as pandemic aid programs to support the unemployed expired that month, according to Commerce Department data released Friday.
While the decline in income was greater than expected, the report said personal consumption expenditures (PCE) increased by a better-than-forecast 0.6 percent, as consumers channeled their money toward services like health care, restaurants and hotels.
"As we approach 2022, the economy is regaining momentum. An improving health situation, rising mobility, improving employment trends and solid household finances should support consumer spending growth," wrote Lydia Boussour of Oxford Economics, predicting stronger outlays in the last quarter of 2021.
Meanwhile the PCE price index rose 4.4 percent in September compared to September 2020, slightly faster than August's rate as the world's largest economy continues to grapple with strong demand and supply chains snarls that have pushed inflation higher.
That was the index's biggest jump since January 1991, but if volatile food and energy prices are excluded, the year-on-year increase was unchanged at 3.6 percent in September.
The decrease in income came as US government programs offering aid to the long-term unemployed and freelance workers during the pandemic ended.
(Excerpt) Read more at news.yahoo.com ...
“ While the decline in income was greater than expected,”
Unexpected!!
DRINK!
So since that old capitalism thing before didn’t work out, as BLM and the public school teachers taught, isn’t this proof that Americans need and want socialism now? Otherwise where is the money coming from? Work? /SARC
C’mon ‘Rats! 1%? That’s the best you can do?
“if volatile food and energy prices are excluded” -— They’ve been pushing this nonsense for years now. Inflation is not so bad if you ignore what people need to buy... For most of the history of the USA, prices did not continuously increase. That is the work of the evil and incompetent Federal Reserve.
Riddle me this…
The Participation rate went down by 5 million and we have 10 million openings. Yet Joe keeps touting his economic plan will create good paying Union jobs. It just doesn’t add up to add more jobs the amount already flooded job market.
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