From 7/21 through 10/21, real personal consumption steadily rose from an annualized rate of $13.65 trillion to $13.88 trillion, a roughly $200 billion rise. Simultaneously, real disposable income steadily shrank from $15.74 trillion in July to $15.43 trillion, a decline of roughly $300 billion. How? Savings rates sunk from 10.6% in July to 7.3% in October and have returned to their pre-Covid level. We need more jobs and less inflation!