Core retail sales are up while 14M jobs & $726B in wages have been lost. How? Personal income has RISEN at a 12% a.r. in 2020 (a $933B surge) — government transfers have ballooned at a 229% a.r. (by $2T), funded by the Fed. It may be “money” but it's not “income”. Big difference.
— David Rosenberg (@EconguyRosie) July 16, 2020
via Twitter https://twitter.com/EconguyRosie
July 16, 2020 at 11:53PM
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