Personal income was up 0.4% month-on-month (m/m) in April, a notch lower than the consensus estimate (+0.5% m/m). There were revisions to the previous month’s reading (+0.5% m/m reported earlier). Strong growth in compensation of employees (+0.6% m/m) remains the biggest driver, while proprietors’ income weighed on the headline reading, declining 0.5% m/m. Removing the […]

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