US personal income falls after benefit expires, raising fears of slower recovery
The decline in income highlights the impact of the expiration of the extra $600 in weekly jobless benefits
01 October 2020 - 21:19
Washington — Americans’ incomes fell in August by the most in three months after the government’s supplemental unemployment benefits expired, threatening to temper consumer spending that increased during the month.
The 2.7% decrease in personal income followed an upwardly revised 0.5% gain a month earlier, according to commerce department data released on Thursday. The median forecast in a Bloomberg survey of economists called for a 2.5% drop in August. Consumer spending on goods and services increased 1% from the prior month after a downwardly revised 1.5% gain in July...
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