In January, real disposable income was $15,154 billion, which was an all-time high as is usually the case for real disposable income. After one month below 2%, the one month rate of growth jumped back up to 2.2%. This rate of growth in income is fairly slow and well below the historical average growth rate of 3.1%. 

The annual rate of growth decelerated to 2.8%, falling below 3% for the second month in a row. Also, it was down from its peak rate of growth of 4.0% in December 2018 and the slowest rate of growth since November 2017. Based on the one-month and three-month rates of change, the annual rate of growth will continue to decelerate in early 2020, perhaps slowing to 2.0-2.2%. If so, that would be the slowest rate of income growth since the spring of 2017.

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