While the media is celebrating the fact that:
Personal income increased $24.5 billion, or 0.2 percent, and disposable personal income (DPI) increased $25.7 billion, or 0.2 percent, in September, according to the Bureau of Economic Analysis.
Real per capita disposable income showed its largest decline since 1949, dropping 9.6% in the quarter (line 37) following Q2's tax rebate.
![](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi2QXhNe285i-dJa_xuFi0YA1LaooLF6FbLnNhjOhP9dOTZkZGXlCYbbq6maSXwr-Rhz7q2ghR5VIw93YjFyS36KqrpbMBwyU7xIxK7VGDxX_1WNFimAP9Na7kuX0auVgesY3O7hiTVKw/s400/dispos2.png)
In fact, following the big bounce in May, we experienced 3 straight down months, followed by September's flat level. No wonder people aren't spending!![](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjKIX7TzfjA6IfyjuxCDfpff3W_wefHIATaE-wNQrQkqh7-F__gE1XmIxrTCtbLFkHfVIuqx842ou1RwpEBv3QwwC86v5vtHUcBdoHXxmabuW6VQdxyzoblf3Mf-TNYCFaNx1pDjb6FTw/s400/per+cap.png)
![](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjKIX7TzfjA6IfyjuxCDfpff3W_wefHIATaE-wNQrQkqh7-F__gE1XmIxrTCtbLFkHfVIuqx842ou1RwpEBv3QwwC86v5vtHUcBdoHXxmabuW6VQdxyzoblf3Mf-TNYCFaNx1pDjb6FTw/s400/per+cap.png)
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