Keeping you up to date on the latest data releases.
- Personal Income
Nominal personal income rose 0.4 percent (non-annualized) in April, after similar increases in March and February. On a year-over-year basis, personal income is up 4.4 percent. Disposable personal income increased 0.3 percent in April, following a downwardly revised 0.4 percent increase in March. After adjusting for price changes, “real” disposable personal income was flat in April, and following downward revisions to the previous few months its 3-month annualized trend turned negative, slipping down 0.4 percent through April. Over the past year, real disposable personal income has rising just 1.1 percent (its slowest growth rate since last May). Real personal consumption expenditures edged up just 0.1 percent in April, following downwardly revised increases of 0.1 percent in March and 0.4 percent in February. Momentum in consumption appears to be slowing, as the 3- and 6-month annualized growth rates in real consumption—which stand at 2.1 percent and 2.0 percent, respectively—are below its longer-term (12-month) growth rate (2.6 percent). Downward revisions to past disposable income data knocked the personal savings rate down from 5.5 percent to 4.9 percent in March, and it held at 4.9 percent in April.