According to the Bureau of Economic Analysis, personal income grew by $45 billion or 0.2% in July, as reported on August 31. This modest increase in income appears noteworthy in light of the ongoing inflationary pressures.
As a result, consumers are feeling optimistic and are willing to spend more confidently, even as the Federal Reserve continues to raise interest rates. Additionally, the personal savings that consumers accumulated during the pandemic have been providing a boost to spending.
This post originally appeared on 247WallStreet.com