'Big drop in income': Chief economist reveals real inflation numbers
A decelerating economy is driving down personal income and spending in the U.S., reports RSM US LLP Chief Economist Joseph Brusuelas.
“… [A] slowing economy results in big drop in income and inflation adjusted spending,” Brusuelas posted on X, citing a May Spending & PCE Price Index revealing personal income declining $109.6 billion (0.4 percent at a monthly rate) in May.
Information provided by the U.S. Bureau of Economic Analysis specifically shows spending dropped $29.3 billion, or — 0.1 percent.
Disposable personal income (meaning personal income after paying taxes at current tax rates) decreased $125 billion (0.6 percent), which walks hand-in-hand with the falling personal consumption expenditures.
More at:
https://www.alternet.org/us-spending-slump-economy/