Disposable Income Grows 2.0% in April 2014
According to the Bureau of Economic Analysis, April real disposable income was $11,828 billion real dollars (seasonally adjusted at an annual rate). The month-over-month rate of change in April was 2.0%. This is the fourth month in a row that the month-over-month rate of change has been at least 2.0%, which is the first time that has happened since June-September 2011. The annual rate of change, now 1.3%, continues to creep higher. Annual incomes have grown at an accelerating rate each of the last four months. The annual rate of growth is low historically, but it looks like it should continue to accelerate for several months.
Real personal income is one of the earliest leading indicators for the following end markets: aerospace; construction materials; custom processors; electronics, computers and telecommunications equipment; food and beverage processing; forming and fabricating (non-auto); hardware; HVAC; industrial motors, hydraulics and mechanical components; machinery and equipment manufacturing; metalcutting job shops; oil, gas field and mining machinery; power generation; primary metals; and printing.
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