Peak Oil News - Americans' personal incomes take a dive

Personal incomes which had been bolstered by a large stock dividend payment in December plunged 2.3 percent in January, the sharpest decline in more than a decade. Consumer spending was flat, the government reported today.

The Commerce Department said the sharp January drop in incomes followed a record 3.7 percent jump in incomes in December with both months heavily influenced by a $3 per share dividend payment that computer software giant Microsoft made on Dec. 2.

Without that $32 billion payment, personal incomes would have shown steadier gains of 0.6 percent in December and 0.5 percent in January.