Income Growth Accelerates for Second-Straight Month

The month-over-month rate of income growth for September was 3.5%, which was up significantly from 3.1% in August.

In September 2019, real disposable income was $15,136 billion, which was its highest level ever. The month-over-month rate of growth was 3.5%, which was up significantly from 3.1% in August and the fastest growth since December 2018. September was the second consecutive month of accelerating growth.

The annual rate of growth remained at 3.4%, which was its slowest rate of growth since March 2018. Additionally, it was down from its peak rate of growth of 4.0% in December 2018. While the month-over-month rate of growth has accelerated, it probably has not accelerated enough for the annual rate of growth in disposable income to grow faster in the months ahead.

Keep in mind that changes in real disposable income typically leads capital equipment consumption by almost 24 months.

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