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26 Feb, 2021 14:58 26 Feb, 2021 14:58

US personal incomes and spending surge as stimulus checks arrive

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Americans splashed out at the start of 2020 as government stimulus checks began arriving in their mailboxes.

According to the US Department of Commerce, in seasonally adjusted terms US personal income growth was boosted to a month-on-month gain of 10.0% in January, which dwarfed the 0.6% rise registered in December.

Economists correctly anticipated that jump, but not the 2.0% surge in personal consumption that followed (consensus: 0.7%).

To take note of, the personal saving rate rocketed to 20.5% of Americans' disposable income alongside.

Some price pressures were also apparent, but they were only slight, with the year-on-year rate of increase in the price deflator for personal consumption expenditures edging up from 1.3% to 1.5%.

It was a similar story at the so-called 'core' level, with the annual rate of price increases accelerating by one tenth of a percentage point.


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Pilling and Co Stockbrokers Ltd. is not responsible for the content or accuracy of third party news articles and we may not share the views of the author or publisher.

We provide third party news for your convenience and information only and make no representation or endorsement whatsoever and hereby exclude all liability for any loss or damage that may be incurred by you as a result of your access or use. Please note that third party content may be subject to terms and conditions imposed by the third party owner of that content.