In March, real disposable income was $14,940 billion, which was its lowest level since May 2019. The one month rate of growth was just 0.1%, which was the slowest rate of growth since income contracted in December 2013. Surely, real disposable income will contract month-over-month in April.

The annual rate of growth decelerated to 2.4%, falling below 3% (historic average growth rate) for the fourth month in a row. This will lead to a contraction in consumer spending.

The annual rate of growth decelerated to 2.4%, falling below 3% (historic average growth rate) for the fourth month in a row. Also, it was down from its peak rate of growth of 4.0% in December 2018 and the slowest rate of growth since August 2017. 

Keep in mind that changes in real disposable income typically lead capital equipment consumption by almost 24 months.