Income Flatlines in SeptemberAfter the first half of the year's steep wage cuts and subsequent supports from government programs, income growth is showing signs of stabilizing at an extremely low level. In September, personal income edged just slightly lower, in contrast to August's downwardly revised 0.1% growth (previously reported as 0.2%.) After two months of wage income growth, employees saw slimmer paychecks in September. Transfer payment growth ticked higher, but remained below its explosive growth during the government's stimulus-related efforts. As has been the theme for nearly a year, asset-based income fell, but losses have slowed from the steep cuts in the first quarter of 2009. Slow income growth was met with declining spending, sending the savings rate up to 3.3%....
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