- shrank in October, sliding -0.7% compared to September, far weaker than the -0.1% expected. At the same time spending remained strong, rising 0.5% in October, above the 0.4% expected, if a modest slowdown from the 1.2% in September, and up for the 6th consecutive month.

Another way of seeing the convergence of spending, which has rebounded strongly from the March crash, and incomes which are shrinking rapidly since the massive multi-trillion spending package in the spring, is shown below.