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WHAT RECOVERY?

Personal Incomes Sink

June saw largest drop in four years.

The recession may be far from over: personal incomes in the United States fell 1.3 percent in June, the Commerce Department reported Tuesday, marking the largest drop in four years. The numbers showed that the stimulus plan, which boosted incomes by 1.3 percent in May, is starting to unwind on a consumer level. The numbers beat economists' expectations—which, on average, guessed that incomes would fall by only 1 percent—and might also foreshadow a long recovery for consumer spending.

Read it at Bloomberg

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