And as the year passes the end of stimmies, the YoY growth in incomes collapses 11.6% (and spending slows to +9.1% YoY)…
Source: Bloomberg
On the income side, private wages rose 12.8% (down from +13.0% last month), and government wages rose 5.4% (down from +5.5% last month)
For the 3rd straight month, the increases in spending outpaced the rise in incomes pushing the savings rate to its lowest since Dec 2013
Source: Bloomberg
Finally, The Fed’s favorite inflation rate – the PCE Deflator – rose by 6.6% YoY (slightly less than the 6.7% YoY expected) but still the highest since Jan 1982 (while the core PCE deflator fell back very modestly from multi-decade highs)…
Source: Bloomberg
No breathing room for The Fed here.
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