Americans Cut Back as Income from Wages & Salaries Hit Record as 10 Million People Still out of Work: Weirdest Economy Ever

by Wolf Richter
Wolf Street

Meanwhile, away from the stock market mania…

Income from wages and salaries that consumers earned in December ticked up to a new record, as high earners and executives were making lots of money working from home though 10 million other people, mostly lower income, had lost their jobs; and income from unemployment insurance for those less lucky ones jumped. But spending on goods fell again as Americans cut back after the binge, and spending on services remained at dismal levels.

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