Personal Income Collapses - Unexpectedly
Down 3.6%, worse than the predicted 2.5%. This is far worse than sequestration.
U.S. incomes fell the most in two decades in January as higher tax rates kicked in, though American consumers opted to cut back on savings.
Personal incomes dropped 3.6% in January, the Commerce Department said Friday. Economists surveyed by Dow Jones Newswires expected a 2.5% decline.
The decline more than reversed big gains in December, when companies accelerated payouts of dividends and bonuses ahead of January tax increases. Many economists expect incomes ...