Personal Income Spikes After December's Special Dividend Craze
US economic data showed a large jump this morning but the market effect was more muted. Personal income in December jumped 2.6% from November but the major reason for the big increase was the huge influx of special dividends paid out in December by companies and companies who accelerated their dividend payments from January to December due to perceived tax increases. Dividend income rose at a rate of 34.3% month-to-month accounting for a $268 billion annualized increase in disposable income. Two other pieces of economic data pushed the market higher. Weekly jobless claims rose to 368 000 from 330 ...
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