August Real Median Household Income Down Relative To May

Motio Research‘s measure is down 1.2% relative to May, but flat relative to July.

Note that the nominal income is also down 0.3% relative to May.

Their household-income momentum index, a recession signal, is down:

A description of this index is discussed in this post. According to their rule, we would need another two consecutive negative readings in order to trigger a “recession warning”; we’re just at a candidate contraction call.