Personal Income On The Rise
A recent report by the U.S. Commerce Department's Bureau of Economic Analysis showed personal income during the month of March increased 0.5 percent.
The personal savings rate did not change from February's numbers, and currently is at 5.5 percent. Disposable personal income increased 0.6 percent, a total rise of $64.4 billion.
Personal consumption spending increased slightly, as well. The 0.2 percent rise puts the number at 2.7 percent for the annual rate in the first quarter.
Income for consumers continues to show impressive gains, which is partially because of the Middle Class Tax Relief Act of 2010, as well as rises in employment, said Mark Doms, chief economist for the U.S. Commerce Department.
Because of the increase in real disposable income, it could mean Americans are receiving more of the money they need to pay down credit card debt. This is important because in the wake of the recession, debt has become exorbitant and has many consumers worried about their futures, including retiring late.
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