Courtesy of ZeroHedge View original post here.
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.
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Purchases decreased 0.2% from the prior month, following a downwardly revised 0.7% decline in November.
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Personal incomes rose 0.6%, stronger than the 0.1% gain projected.
Source: Bloomberg
On a year-over-year basis, spending is starting to drop faster (down 2.0%)…
Source: Bloomberg
All of which left the savings rates ticking up modestly…
An increase in savings!! That is not acceptable!