Posted on May 1, 2021
Flush With Cash, Americans Are Buying Everything From iPhones To Teslas
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From iPads to dresses, Americans flush with cash are stepping up their spending, helping turbo-charge the U.S. economy.
The Commerce Department reported Friday that personal income jumped 21.1% in March — the largest increase on record as the government sent out $1,400 relief payments as part of the $1.9 trillion coronavirus rescue effort.
Personal spending also jumped by 4.2%. The stimulus checks arrived at a time of rising hope as coronavirus vaccines continue to roll out.
And spending is also increasing from wealthier Americans, even as many continued to squirrel money away towards their savings.
"There was a very quick money burning a hole in their pocket among lower-income groups. But now we're seeing higher-income groups also spending," said Jonathan Silver, CEO of Affinity Solutions, which tracks credit card spending. "People were just saying, 'Hey, we're about to go outside. We see a sort of sense of normalcy, so I need to refresh my wardrobe."
The Commerce Department reported Friday that personal income jumped 21.1% in March — the largest increase on record as the government sent out $1,400 relief payments as part of the $1.9 trillion coronavirus rescue effort.
Personal spending also jumped by 4.2%. The stimulus checks arrived at a time of rising hope as coronavirus vaccines continue to roll out.
And spending is also increasing from wealthier Americans, even as many continued to squirrel money away towards their savings.
"There was a very quick money burning a hole in their pocket among lower-income groups. But now we're seeing higher-income groups also spending," said Jonathan Silver, CEO of Affinity Solutions, which tracks credit card spending. "People were just saying, 'Hey, we're about to go outside. We see a sort of sense of normalcy, so I need to refresh my wardrobe."
Flush With Cash, Americans Are Buying Everything From iPhones To Teslas
Posted from npr.org
Money
Budget
Economics
Posted 3 y ago
Responses: 2
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Banked some and used some to do some quick cheap projects that looked great on my house. Then took a new job in a less taxed state and sold said house for a nice flip. Looking forward to brighter days ahead.
Meanwhile these folks who spend their IOUs from the government on their TVs and phones and other stuff will be broke and asking for me in a few months.
The smart folks banked some and used some to pay down any debt they had.
Meanwhile these folks who spend their IOUs from the government on their TVs and phones and other stuff will be broke and asking for me in a few months.
The smart folks banked some and used some to pay down any debt they had.
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Banked some and used some to do some quick cheap projects that looked great on my house. Then took a new job in a less taxed state and sold said house for a nice flip. Looking forward to brighter days ahead.
Meanwhile these folks who spend their IOUs from the government on their TVs and phones and other stuff will be broke and asking for me in a few months.
The smart folks banked some and used some to pay down any debt they had.
Meanwhile these folks who spend their IOUs from the government on their TVs and phones and other stuff will be broke and asking for me in a few months.
The smart folks banked some and used some to pay down any debt they had.
(0)
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