Personal Income Slows in July

pi1_aug30Personal income increased 0.1 percent in July after increasing 0.3 percent in June. Wages and salaries, the largest component of personal income, decreased 0.3 percent in July after increasing 0.4 percent in June. Government wages were reduced in July due to furloughs.

Current-dollar disposable personal income (DPI), after-tax income, increased 0.2 percent in July, the same increase as in June.

Real DPI, income adjusted for taxes and inflation, increased 0.1 percent in July after falling 0.2 percent in June.

Real consumer spending, spending adjusted for price changes, remained flat in July after increasing 0.2 percent in June. Spending on durable goods slowed.

PCE prices increased 0.1 percent in July after increasing 0.4 percent in June. Excluding food and energy, PCE prices increased 0.1 percent in July, compared to an increase of 0.2 percent in June.

Personal saving rate
Personal saving as a percent of DPI was 4.4 percent in July, the same as in June.

pi2_aug30To learn more about personal income and outlays, read the full report.



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