Real Disposable Grows Slower

(Negative) November real disposable income was $12,761 billion dollars (seasonally adjusted at an annual rate). In an unusual occurence, this was not an all-time high real disposable income. In November, real disposable income grew 2.3 percent compared with one year ago (most of the last six months were revised down). This was the slowest rate of month-over-month growth since January 2014. The month-over-month rate of growth was below 3.0 percent in nine of the last 10 months. The annual rate of growth has decelerated steadily since August 2015. In November, the annual rate of growth, now 2.8 percent, was the slowest since November 2014. Also, this was the fifth month in a row that the annual rate of growth was below 3.1 percent, which is the historical average.