Consumption has grown more than income

Daily Data: It's been three years since we started this thing, and PCE has grown a lot more than income or earnings. How does it work?

One last puzzle before we punch the clock on 2023: the Almighty Consumer is consuming a lot more—earning more too, but consuming even more than its earning more. Is that gibberish to you? Yah, me too.

Plus, some states (and their Almighty Consumers) are falling behind, but it doesn’t seem to matter.

Happy 2024 to all those that celebrate, and for those that don’t, I respect your alternative calendars.