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Financial News: U.S. Personal Income Edges Up Much Less Than

U.S. Personal Income Edges Up Much Less Than Expected In July

08/26/2022 - 08:39:00 (RTTNews)

(RTTNews) - The Commerce Department released a report on Friday showing U.S. personal income increased by much less than expected in the month of July.

The report showed personal income edged up by 0.2 percent in July after climbing by an upwardly revised 0.7 percent in June.

Economists had expected personal income to rise by 0.6 percent, matching the advance originally reported for the previous month.

Meanwhile, the Commerce Department said personal spending inched up by 0.1 percent in July after jumping by a downwardly revised 1.0 percent in June.

Personal spending was expected to increase by 0.4 percent compared to the 1.1 percent surge originally reported for the previous month.

A reading on inflation said to be preferred by the Federal Reserve showed the annual rate of core consumer price growth slowed to 4.6 percent in July from 4.8 percent in June.

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