Here's an interesting observation on MarketWatch; > Income was subdued. The slight 0.1% gain in March follows a 0.2% gain in February and a 0.1% fall in Januar

Here's an interesting observation on MarketWatch; > Income was subdued. The slight 0.1% gain in March follows a 0.2% gain in February and a 0.1% fall in January. Year over year, personal income is up 3.8%, moderate by historical standards. Disposable income was flat in March. > The weakness in income was concentrated in proprietors’ income. Wages and salaries rose 0.4% in March after a 0.3% gain in the prior month. It makes sense that strong job growth at lower incomes, and low-income wage growth, would squeeze proprietors' profit margins, but if it were merely redistributing income, wouldn't the overall rate stay the same? EDIT: I think if you look at Table 1 in the full report it gives better context. [1] [1] - https://www.bea.gov/system/files/2019-04/pi0319_0.pdf https://www.bea.gov/system/files/2019-04/pi0319_0.pdf