Q3 personal income comments

And as mentioned above, real per-capita annual disposable income was revised downward by $29 per year. The new number represents an annualized growth rate of 1.25%. Real disposable income is still down a material -$373 per year from the fourth quarter of 2012 (before the FICA rates normalized) and it is up only 2.23% in total since the second quarter of 2008 — a miserable 0.35% annualized growth rate over the past 6 and a quarter years.