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The Rise of Personal Income

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Data released by The U.S. Commerce Department Bureau of Economic Analysis has show significant growth to personal income. Their data states that personal income rose 0.3 % in May, slightly below the forecasts of a 0.4% increase. The largest component of income wages and salaries rose 0.2 % supported by a gain in hourly earnings.

Consumer spending declined 0.1%, while compared to the private sector the expectation of a 0.1% increase was pulled down by a drop in motor vehicle purchase. Motor vehicle sales dropped in part to the tsunami in Japan siting supply disruptions.

“Today’s personal income data show continued economic growth midway through the second quarter,” U.S. Commerce Department Chief Economist Mark Doms said. “American consumers have benefited from the two percentage point payroll tax cut President Obama instituted in 2010, which has increased the income of the average American household by $245 so far this year. Coupled with falling gasoline prices and job gains, private-sector forecasters anticipate increases in personal income and spending over the remainder of 2011.”


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