gettyBetween the U.S. Bureau of Economic Analysis showing personal income declined month-to-month in October and November along with the U.S. Census Bureau estimating that retail spending fell in the same months, it appears that the economy is losing steam. The difference between the Real Personal Income and Real Consumer Spending shows a huge increase in Personal Savings. You can see the abnormally large swings in income and spending in 2020 compared to previous downturns in the economy. November consumer spending by sector Gregory Daco/Oxford Economics, Haver Analytics, U.S. Bureau of Economic AnalysisRetail sales fell the last two monthsThe U.S. Census Bureau tracks retail sales. Retail sales percent change U.S. Census BureauDaco’s graph below shows that there were only three sub-sectors that showed an increase month-to-month and that core retail sales also fell in November.

Source: Forbes December 29, 2020 01:07 UTC