This Headline of from a Bloomberg article on the Bureau of Labor Statistics data caught our attention:
US Household Spending Jumped More than Twice as Fast as Incomes Last Year
That’s bad news obviously. But we were scratching our heads over this explanation of what is going on:
According to the BLS, “The average income per consumer unit, before taxes, rose 3.7% to $87,432 in 2021 while spending jumped 9.1% to $66,928. Anyone know what a “consumer unit” is? We didn’t so we did some digging and discovered that a consumer unit is “a family or other household group that shares its finances.”
In other words, from now on the correct terminology for the people you live with is your “consumer unit.” Got it?
Anyway, we hope you and your consumer unit have a great weekend.