And as the year passes the end of stimmies, the YoY growth in incomes collapses 11.6% (and spending slows to +9.1% YoY)…
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
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)…
No breathing room for The Fed here.
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