Income Grows Just 0.6% in November 2013
According to the Bureau of Economic Analysis, November real disposable income was $11,744 billion real dollars (seasonally adjusted at an annual rate). The month-over-month rate of growth in November, 0.6%, was the slowest rate of growth in real disposable income since February 2013. However, the rate of growth in November 2013 is artificially low because of the the tax law changes that artificially boosted income in november 2012. This caused the annual rate of change to drop to its lowest level since October 2012. Without the effects of the tax law change, real disposable income has been growing at a constant rate since April 2012.
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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