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Wednesday, August 04, 2010

Income Flat

The Commerce Department’s Bureau of Economic Analysis released personal income data for June yesterday, and it was not good news.

All three major parts of the report– personal income, disposable personal income and personal consumption expenditures – were flat in terms of growth compared to the previous month (seasonally adjusted).

The zero percent growth in personal income and disposable income were the worst performances since September of last year.

Proprietor income actually declined by 0.4% -- the worst decline since March 2009.

As for personal consumption expenditures, June’s no growth came after 0.1% growth in May and -0.1% in April.

In summary, the data reflect the continued lack of a credible economic recovery.

Raymond J. Keating
Chief Economist
Small Business & Entrepreneurship Council

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