by Wolf Richter
The big shift from durable goods to services is underway.
Some stimulus checks are still straggling into bank accounts, and the extra unemployment moneys from the federal government are still flowing to claimants in about half the states, and that money is getting spent, but all this extra money is a lot less than it used to be, and some stock market gains are also getting spent as part of the Wealth Effect, and employers are having to raise wages to attract people back into the workforce, and wages have ticked up, and that money too is getting spent. People are making a heroic effort to spend. But red-hot inflation is eating it up.