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Financial News: U.S. Personal Income Climbs 0.4% In July, More

U.S. Personal Income Climbs 0.4% In July, More Than Expected

08/31/2017 - 09:17:00 (RTTNews)

(RTTNews) - A report released by the Commerce Department on Thursday showed U.S. personal income rose by slightly more than expected in the month of July, while personal spending increased by slightly less than expected.

The Commerce Department said personal income climbed by 0.4 percent in July after coming in unchanged in June. Economists had expected income to rise by 0.3 percent.

Disposable personal income, or personal income less personal current taxes, increased by 0.3 percent in June after showing no change in the previous month.

Meanwhile, the report said personal spending rose by 0.3 percent in July after edging up by 0.2 percent in June. Spending had been expected to increase by 0.4 percent.

The Commerce Department said real spending, which is adjusted to remove price changes, crept up by 0.2 percent for the second straight month.

With income and spending both rising, personal saving as a percentage of disposable personal income dipped to 3.5 percent in July from 3.6 percent in June.

A reading on inflation said to be preferred by the Federal Reserve showed that core consumer prices were up 1.4 percent year-over-year in July compared to the 1.5 percent growth seen in the previous month.

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