Average (not median) inflation-adjusted incomes and spending declined in April as average per capita disposable incomes fell back to levels of last summer.

Today’s BEA report on personal incomes for April shows that total PRICE ADJUSTED incomes fell -0.1% as sharp declines in total real compensation of -0.4% and real proprietor’s incomes of -0.3% were only partially offset by a remarkable spike in real rental income, up 12.7%, and government unemployment insurance payments, up 3.7%.

Beware analysts, media and politicians that (still!) ignore the effects of inflation on incomes and spending. Prices rose 0.23% in April.