American consumers have everyone fooled — even the Fed

A major revision to government data on personal income and savings reveals consumers had $400 billion more in earnings since 2019 along with more prudent spending than previously reported. Crucially, the revisions confirm that the massive savings buffer households built up during the pandemic remains largely intact. This may explain why forecasts of recession have erred

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​ A major revision to government data on personal income and savings reveals consumers had $400 billion more in earnings since 2019 along with more prudent spending than previously reported. Crucially, the revisions confirm that the massive savings buffer households built up during the pandemic remains largely intact. This may explain why forecasts of recession have erred A major revision to government data on personal income and savings reveals consumers had $400 billion more in earnings since 2019 along with more prudent spending than previously reported. Crucially, the revisions confirm that the massive savings buffer households built up during the pandemic remains largely intact. This may explain why forecasts of recession have erred  Moneycontrol Latest News Read More