The US Department of the Economy announced a decrease in the income and expenditures of the US population in February this year. According to him, compared to the previous month, incomes of Americans fell by 7.1%.
A month earlier, the income of American households grew by 10.1%. However, the February decline in the indicator turned out to be less sharp compared to the 7.3% drop expected by economists.
At the same time, consumer spending in the specified period decreased by 1% compared to January, when they increased by 3.4%. The volume of disposable income of Americans fell by 8% in February, while their real disposable income fell by 8.2%.
The ministry notes that the February decline in income is due to a reduction in social benefits allocated by the US authorities to individuals.
The dynamics of consumer spending have a significant impact on the US economy, signaling changes in both the volume of GDP and consumer price inflation.