Don't Spend It All in One Place - TheStreet

Don't Spend It All in One Place

There will be no meaningful income slowdown absent a meaningful employment slowdown.
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If

JACKSON HOLE, Wyo. -- We got fresh

personal income and spending

numbers this morning.

(a) Disposable (or tax-adjusted) personal income grew 5.6% last year. It rose 0.9% in January (compare to an average 0.5% during the 12 months prior and to 0.7% in January 1999). Its year-on-year increase is on track to accelerate to 6% during the first quarter from 5.7% during the fourth.

(b) Personal consumption grew 7% last year. It rose 0.5% in January (compare to an average 0.7% during the 12 months prior and to 0.8% in January 1999). Its year-on-year increase is on track to decelerate to 7.6% during the first quarter from 7.7% during the fourth.

Everlasting Love

There will be no meaningful consumption slowdown absent a meaningful income slowdown.

Income growth is still accelerating at the moment.

There will be no meaningful income slowdown absent a meaningful employment slowdown.

The

Manpower

numbers released earlier today -- the construct we presented

here three months ago posted a 13% second-quarter increase -- suggest that a meaningful deceleration in job growth isn't yet in the cards.

Side Dish

We will try (weather permitting) to run a helpful

NAPM

preview tomorrow.