Personal income and consumption

Personal income, which includes gov transfer payments, is coming down in steps after spiking for the fiscal adjustments, and still remains a bit higher than it would have been as transfer payments wind down:

Transfer payments are coming down, but remain elevated largely due to unemployment:

Excluding transfer payments it’s still well short of where it was:

Real consumption, supported by transfer payments, has come back but is leveling off below pre-covid levels: