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Friday, November 20, 2009
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U.S. personal income edges up
A slight increase in personal income was overshadowed by rising inflation, according to the Commerce Department.
Personal income rose 0.3% in January, down from 0.5% in December of 2007. Inflation as measured by the personal consumption expenditures price index increased 0.4% in January, up from a 0.3% increase of the PCE the month before. Wages and salaries, which account for the lion’s share of personal income, rose at a rate of 0.5%, while real disposable personal income, adjusted for inflation and taxes, increased 0.1% for the second consecutive month. Personal savings were down 0.1% in January, the third consecutive decline in as many months.
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