...this is interesting to me. Full release here. If the credit channel improves I will have to re-evaluate some of my stances. However, asset price increases have fueled a great deal of this and it seems "all" asset classes have improved...never a good signal in terms of sustainability. It is also notable that personal income excluding transfers has remained flat at 0% since January.
Private wage and salary disbursements increased $11.8 billion in March, compared with an increase of $6.8 billion in February. Goods-producing industries' payrolls increased $2.2 billion, in contrast to a decrease of $3.3 billion; manufacturing payrolls increased $0.3 billion, in contrast to a decrease of $1.1 billion. Services-producing industries' payrolls increased $9.6 billion, compared with an increase of $10.0 billion. Government wage and salary disbursements increased $1.8 billion, compared with an increase of $0.9 billion.
Other personal income
Supplements to wages and salaries increased $3.2 billion in March, compared with an increase of $3.0 billion in February.
Proprietors' income increased $2.7 billion in March, in contrast to a decrease of $3.3 billion in February. Farm proprietors' income decreased $5.2 billion in March, the same decrease as in February. Nonfarm proprietors' income increased $7.9 billion in March, compared with an increase of $2.0 billion in February.
Rental income of persons increased $1.9 billion in March, compared with an increase of $1.8 billion in February. Personal income receipts on assets (personal interest income plus personal dividend income decreased $8.3 billion, compared with a decrease of $8.4 billion.
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