DJIA rose by 3% in the first 5 months of this year.
Our disposable income, that is, income after-tax, rose by $335 billion in the first 4 months of this year, and true to form, we increased our spending by more than 9 out of every $10 increase in our income! As large as this increase in personal consumption expenditures was, it pales compared to the increase in our spending last year. Which is one of the reasons for the 4% inflation in May of last year dropping to 3.3% this May.
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Listen to Economic Pulse Fridays at 5:44 PM during All Things Considered; Mondays at 7:30 AM during Morning Edition.
(Original air-date: 6/21/24)
