Denninger looks at the numbers more closely.
Personal income increased $36.2 billion, or 0.3 percent, and disposable personal income (DPI) increased $29.2 billion, or 0.2 percent, in May, according to the Bureau of Economic Analysis.
Hey, that's good, no?
Well, actually, no. It's not.
Proprietors' income decreased $1.7 billion in May, in contrast to an increase of $3.2 billion in April. Farm proprietors' income decreased $1.3 billion, the same decrease as in April. Nonfarm proprietors' income decreased $0.4 billion in May, in contrast to an increase of $4.5 billion in April.
And private wage/salary increased by $14.Bn. So where's the rest?
Personal current transfer receipts increased $9.3 billion, in contrast to a decrease of $1.8 billion.
Social Security, Unemployment Comp, and welfare.
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