USBEA Personal Income and Outlays: https://www.bea.gov/news/2021/personal-income-and-outlays-january-2021
Let’s think in terms of a good news/bad news joke.
Personal income increased $1,954.7 billion (10.0 percent) in January according to estimates released today by the Bureau of Economic Analysis (tables 3 and 5). Disposable personal income (DPI) increased $1,963.2 billion (11.4 percent) and personal consumption expenditures (PCE) increased $340.9 billion (2.4 percent). (BEA)
But Personal Current Transfer payments (aka government-sourced income, such as unemployment benefits, welfare checks, and so on) were up in January $5.781 trillion annualized.
That’s ~$2 trillion from the $3.8 trillion in December when it was also $2 trillion above the pre-Covid trend where transfer receipts were approximately $3.2 trillion.
And we haven’t even gotten to the good news/bad news joke.
Like consider the impact of these “hot checks” on the M2 velocity and stocks:
Now THAT’s funny!
So are your supermarket bills.