Newly vaccinated Americans are spending more freely on restaurants, travel and live entertainment. That should give a boost to pandemic-scarred service industries.

Personal income jumped by a record 21% last month, largely thanks to those $1,400 relief payments. The extra cash helped fuel a jump in spending that should continue in the months to come.

The U.S. economy grew at a rapid pace in the first three months of the year as more people got vaccinated and the federal government pumped hundreds of billions of dollars into people's pockets.

Meanwhile, the unemployment rate dipped to 6.2% last month as the winter wave of coronavirus infections eased.

Even the most mundane purchases are becoming objects of hope as we crave the routines and experiences of daily life in this period of isolation.

The Federal Reserve left interest rates near zero Wednesday and pledged it was ready to use all of its available tools to support an economic recovery that appears to be weakening.

Consumer spending rose 1.9% last month — but the rebound slowed from May and June. Unemployment benefits continued to prop up spending in July, but that may change in August.