Personal income drops for the first time since 2009

10/2/2011 | Washington Post, The

Americans' personal income dropped 0.1% from July to August, government data released Friday show. The decline is the first since October 2009. With less money coming in, Americans saved less, and the 4.5% personal savings rate is the lowest since December 2009. "All of this is happening in an economic environment with volatile equity markets, falling household assets, diminishing 401(k)s, high unemployment and depressed consumer confidence," wrote Chris G. Christopher Jr., senior principal economist at IHS Global Insight.

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