Personal income in largest drop in 3 years
NEW YORK (CNNMoney.com) -- Personal income fell in July by the biggest drop in 3 years after surging the prior two months because of $90 billion in economic stimulus payments.
The Commerce Department said Friday that individual income decreased by 0.7% in July after a 0.1% jump in June and a 1.8% increase in May. Economists polled by Briefing.com were expecting income to fall by 0.2% in July.
The sharp decline in personal income was the largest drop off since August of 2005, when personal income plunged by 2.3%, according to the Bureau of Economic Analysis.
from CNN . . read more