Real Disposable Income Up 0.8% in July 2013
According to the Bureau of Economic Analysis, July real disposable income was $11,595 billion real dollars (seasonally adjusted at an annual rate). The month-over-month rate of growth in July, 0.8%, has been virtually constant for all of 2013. The annual rate of change decreased to 1.5%, which is fairly similar to what it has been since April 2012. The annual rate of change should continue to slow in the coming months. When comparing growth rates in incomes and spending, it is clear that spending is likely to slow down.
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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