CRUEL CONFIRMATION

The most disturbing piece of information from last week’s income data is the confirmation of a complete lack of income growth over the past 12 months. During 11/24, real (after inflation) disposable (after taxes) per capita personal income was $52,324 and during 11/25 it was $52,557. Additionally, job growth over those 12 months was an anemic 857,000, or half a percent and declining, the lowest growth rate since 11/2010.