JKD - 'Second Wave' Hits Consumer Spending

• The free pandemic money has been dropping for months, and in November nearly faded out. For the first time since April, consumers spent less all around; they spent less on services, nondurable goods, and even on durable goods, which had been spiking in astounding manner.
• As free pandemic money plunged, income from wages and salaries, including from self-employment, ticked up 0.4% in November from October, the smallest month-to-month increase since the plunge in April, to $9.62 trillion (annual rate), down 0.4% from February. But it was up 2.0% from a year ago.
• Total consumer spending in November inched down 0.4% from October to $14.57 trillion (annual rate), which was down 2.1% from February and down 1.3% from a year ago. For the 11 months through November, spending is down 2.8%.

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