> The reduction stems from an accounting adjustment that lowered personal income from mutual funds and real estate investment trusts. There is a good methodolo

> The reduction stems from an accounting adjustment that lowered personal income from mutual funds and real estate investment trusts. There is a good methodological discussion on the merits of this change, published back in May by the BEA [0]. > "At the same time, the inclusion of capital gains dividends, which flow to households, biases upward the estimates of personal income and saving from current production for the household sector. > Under the new treatment, BEA will remove income from capital gains from dividends paid by REITs (and, for consistency, from dividends paid by other corporate real estate businesses). This change will generally result in downward revisions to REIT dividends paid and offsetting upward revisions to undistributed profits of REITs, and thus business saving. This change will lead to similar downward revisions to dividends received by shareholders (households), to personal income, and to personal saving." 0: https://apps.bea.gov/scb/issues/2023/05-may/0523-ric-reit.htm https://apps.bea.gov/scb/issues/2023/05-may/0523-ric-reit.ht...