Income update

I mentioned in my last post that it would be worthwhile to look out for the March 1 report on personal income earned in January. Below is an update of the chart from my last post, where the focus is on personal income associated with business payrolls (as opposed to personal income from government sources or investment earnings). There are 2 noteworthy developments:

     1. The Bureau of Economic Analysis revised upward their #'s for 3rd & 4th quarter 2011.

     2. January's gains were roughly on par with December's.

Taken together, this should make us more confident in the sustainability of our economic recovery. Steady gains to personal income earned from private payrolls is the healthiest enabler of growth in consumer spending, and consumer spending is what ultimately drives our economy.