Settling down as fiscal transfers subside, but still elevated:
Income falling faster than consumption is growing:
Real Personal Income less Transfer Payments
Transfer payments decreased by $70 billion in July, but were still $1.7 trillion (on SAAR basis) above the February level. Most of the increase in transfer payments – compared to the level prior to the crisis – is now from unemployment insurance.
However, there will be sharp decline in unemployment insurance in August.
Oil investment down and still falling a bit:
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