Real disposable personal income (DPI) rose 0.4% in July, marking the third consecutive month of inflation-adjusted income gains. However, it follows previous months of weak DPI readings, which have resulted in a year-over-year rate of only 0.5%. That is not enough to fully power the consumer, who is responsible for 70% of all economic activity.
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Consumer Foggy, Warsh Clear
Dan North | September 2026
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