Inflation wipes out income gains in April |
| MarketWatch - May 30, 2008 |
Inflation erased all the gains in disposable personal income in April, while U.S. consumer spending was flat after adjusting for higher prices, the Commerce Department estimated Friday.
Nominal personal incomes, nominal consumer spending and consumer prices all increased 0.2% in April, the government said.
The report suggests the economy weakened further in the second quarter of the year even as the first tax-rebate checks began arriving.
Economists surveyed by MarketWatch expected incomes to be flat. See Economic Calendar.
Only a large increase in rental incomes and the extra transfer payments from the economic stimulus package kept nominal personal incomes rising at all in the month.
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- Posted: 2008-05-30 08:48:22
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