MISS: Personal Income Falls 3.6% Due To BIG Drop In Disposable Income

There are lots of datapoints coming out today.

First up: Personal income and spending for January.

Personal income was expected to fall by 2.4%, but it fell 3.6%.

Personal spending grew as expected 0.2%.

Note that the income is massively distorted due to some calendar quirks related to the fiscal cliff, and companies pulling forward dividends.

There's also the element of payroll taxes dinging disposable income.