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Despte some moderation over the past six months or so, the trend growth in inflation-adjusted, or real, disposable income continues to ootpace real spending, mostly as a result of a persistent strengthening in personal income. Indeed, the recent trend in real spending growth has shown little deviation from the solid 212% to 312% range it has followed for the past three years.

Suggested citation: “Consumers,” Federal Reserve Bank of Cleveland, Economic Trends, no. 95-12, pp. 10, 12.01.1995.

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