Don’t get too bent out of shape over the bigger than expected drop in income in June.
It was the biggest drop in 4 years, but it came on top of the big May stimulus, which helped income surge 1.3%.
Back out govvie largesse, and the 2 months net out to more or less flat . . .
NOTE: Market Talk adds that personal income is down $453B since June 2008.
PERSONAL INCOME AND OUTLAYS: JUNE 2009
Bureau of Economic Analysis, U.S. Department of Commerce
AUGUST 4, 2009