Personal Income Fell Again in August

Personal income dropped again in August:

To provide a bit of context, I’ve included the trendline for income through the end of 2019 and then extended it through August. It shows that income in August is about what it would have been if there had been no pandemic and no special assistance. When we get the September numbers we’ll know if income is finally dropping below the trendline or if it levels out.

Consumer spending shows exactly the opposite trend. It dropped significantly when the pandemic hit and has been rising ever since. But it’s still below the trendline, meaning that we’re all spending less than we would be if the pandemic had never hit.

HERE ARE THE FACTS:

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ONE MORE QUICK THING:

Our fall fundraising drive is off to a rough start, and we very much need to raise $250,000 in the next couple of weeks. If you value the journalism you get from Mother Jones, please help us do it with a donation today.

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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