"American Consumers Are Tough: Inflation Eats Their Income, But No
Problem, They Still Outspend Inflation

Though spending is slowly shifting back to services, consumers still
binged on durable goods.

By Wolf Richter for WOLF STREET.

Despite inflation eating up all income gains plus some in June, and
“real” income declining for the second month in a row, and being down
from a year ago, and being down from two years ago, and despite massive pessimism for months about inflation and the economy, American Consumers
spent their money vigorously in June, and outspent inflation again, and “real” spending rose, even on durable goods, though consumers were
supposed to be shifting their spending to services, and real spending on services also rose. You just have to admire this kind of heroic effort
to outspend inflation."

https://wolfstreet.com/2022/07/29/american-consumers-are-tough-inflation-eats-their-income-but-no-problem-they-still-outspend-inflation/

TB

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