U.S. personal income falls for first time since 2015: report GlobeBusiness
U.S. personal income fell for the first time in more than three years in January as dividends and interest payments dropped, pointing to moderate growth in consumer spending after it fell by the most since 2009 in December.
The Commerce Department did not publish the January consumer spending portion of the report as the collection and processing of retail sales data was delayed by a 35-day partial shutdown of the government that ended on Jan. 25. When adjusted for inflation, consumer spending fell 0.6 per cent in December, also the largest drop since September 2009, after rising 0.5 per cent in November.
The economy is losing momentum as the boost from a $1.5-trillion tax cut package and increased government spending fades.
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