Spending soared in May to a record 8.2%, reported by the Commerce Department, accompanied by an increase in personal income which rose 10.5% in April.
Many analysts and economists believe that spending among U.S. consumers following the onset of the stimulus payments may be misleading, with any increase in spending merely temporary, as the benefits of the payments fade. Income figures may also be skewed as stimulus payments and generous unemployment benefits have artificially increased incomes for some lower income families.
Source: U.S. Commerce Department
PlanRock offers financial planning tools, investment portfolios, various levels of advice, and full-service support. Please contact 800-677 6025 or go to www.PlanRock.com for more information about how we can help you reach your goals.
© PlanRock Investments, LLC. The content above is available for use only by authorized subscribers, clients and where permissible as such. This content is not authorized for resale. Past performance does not guarantee future results. The sources we use are believed to be reliable, but their accuracy is not guaranteed.