June starts with two upbeat reports. Construction spending edged up again and personal income rose a bit. The disposable bit of income, that part left after taxes, rose even more than the total as a result of reduced current taxes and increased social benefit payments.
Total construction activity for April 2009 ($968.7 billion) was 0.8 percent above the revised March 2009. Personal income increased 0.5 percent and disposable personal income increased 1.1 percent in April. Both are good news.
Rather than recite the good news diffusion index here, I’ll ask a question: “Is it good news that spending on construction of manufacturing facilities took a big upward swing starting last April and had the strongest over-the-year and year-to-date percent increases of the sectors the Census Bureau reports on?”
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