Personal Income drops 1.3% in July

Things cost more. People have less money. This is bad.

New statistics on June 2009 personal income were released today.

Personal income decreased $159.8 billion, or 1.3 percent, and disposable personal income (DPI) decreased $143.8 billion, or 1.3 percent, in June, according to the Bureau of Economic Analysis.

Personal consumption expenditures (PCE) increased $41.4 billion, or 0.4 percent. In May, personal income increased $155.1 billion, or 1.3 percent, DPI increased $168.7 billion, or 1.6 percent, and PCE increased $9.0 billion, or 0.1 percent, based on revised estimates.

The MSM will blame the worst month-to-month drop in 4 years to Stimulus one time payments.