Consumer Spending Is Up, But Still $1 Trillion Below Normal

Consumer spending increased in June, but it’s still about $1 trillion below where it ought to be:

Even though national income increased thanks to stimulus checks and expanded unemployment benefits, people still aren’t willing to spend like they used to. Instead they’re saving more than normal, and who can blame them? If they had more confidence in both the federal response to COVID-19 and Republican willingness to continue benefits to the unemployed, spending might be closer to normal. But they don’t, so it’s not.

HERE ARE THE FACTS:

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ONE MORE QUICK THING:

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As we wrote over the summer, traffic has been down at Mother Jones and a lot of sites with many people thinking news is less important now that Donald Trump is no longer president. But if you're reading this, you're not one of those people, and we're hoping we can rally support from folks like you who really get why our reporting matters right now. And that's how it's always worked: For 45 years now, a relatively small group of readers (compared to everyone we reach) who pitch in from time to time has allowed Mother Jones to do the type of journalism the moment demands and keep it free for everyone else.

Please pitch in with a donation during our fall fundraising drive if you can. We can't afford to come up short, and there's still a long way to go by November 5.

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