Friday, December 21, 2007
Nominal outlays rose 1.1% in November. In chained 2000 dollars, that's .5%. Nominal personal income rose .2 and .3 in October and November, but in chained 2000 dollars that turns into -.2 and -.3 respectively.
Nonfarm proprietor's income was revised up for October and rose in November:
Proprietors' income increased $7.2 billion in November, compared with an increase of $3.7There were major second quarter downward revisions in personal income recently as a result of changes in wage and job estimates, so one hardly knows what to think. Except, of course, what we already knew - consumers are losing pace against inflation quite rapidly.
billion in October. Farm proprietors' income increased $0.5 billion, compared with an increase of
$0.6 billion. Nonfarm proprietors' income increased $6.7 billion, compared with an increase of $3.1 billion.
Corporate profits were already falling in the third quarter, and the growth in private inventories saved gross private domestic investment from being negative. Now a lot depends on how quickly those inventories are drawn down.