Majestic Overshoot of Stimulus Money Ended. Faced with Second Wave, Americans Cut Back, Even on Durable Goods

by Wolf Richter
Wolf Street

Consumers still earned more in November than in the Good Times, but a lot less than back when free Pandemic-money was massively hailing down.

Consumers are starting to run out of artificial steam. The free Pandemic money has been dropping for months and in November nearly faded out. For the first time since April, consumers spent less all around; they spent less on services, nondurable goods, and even on durable goods, which had been spiking in astounding manner.

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