Disposable Income Grows Faster than 2.0% for Third Month
According to the Bureau of Economic Analysis, March real disposable income was $11,819 billion real dollars (seasonally adjusted at an annual rate). The month-over-month rate of change in March was 2.2%. This is the third month in a row that the month-over-month rate of change has been greater than 2.0%, which is the first time that has happened since July-September 2011. The annual rate of change, now 1.2%, has grown at a faster rate each of the last three months. The annual rate of growth is slow 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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