WASHINGTON D.C. - July 26, 2024 - New data revealed a sharp deceleration in the growth of personal income in the United States for June 2024. According to the latest figures, personal income increased by only 0.2%, a significant decrease from the 0.5% growth observed in May 2024.
The month-over-month comparison highlights a concerning trend for the U.S. economy, as the pace of income growth has notably diminished. In May, the personal income growth rate stood at 0.5%, comparing favorably to the prior period. However, June's figures show a reduction to 0.2%, suggesting possible headwinds facing American households and their spending capacity.
This updated data, released on July 26, 2024, has raised questions among economists and policymakers about the sustainability of economic recovery and the potential impacts on consumer behavior and broader economic dynamics. Further analysis and detailed reports are expected to provide more insights into the underlying factors contributing to this slowdown.
