The BEA’s Personal Income and Outlays report shows personal income increased $54.8 billion (0.3 percent) in July.
Disposable personal income (DPI) increased $52.5 billion (0.3 percent) and personal consumption expenditures (PCE) increased $49.3 billion (0.4 percent).
Real DPI increased 0.2 percent in July and Real PCE increased 0.2 percent. The PCE price index increased 0.1 percent. Excluding food and energy, the PCE price index increased 0.2 percent.
Revisions
Income was revised significantly lower in May and June, in both nominal and real terms.
Spending was revised up in May and down in June.
Curiously, there was only one revision in percentage terms, and that was in nominal terms, in May.
Mike “Mish” Shedlock
The economic wave is still rising, go consumers. I think we are starting to plane out some, probably just the burden of debt, pretty normal for the states.
Both of these in my boat are up this year, a rare thing. I’ve been tightening the belt a bit as of late. I have to many savings accounts, but they service different things. Property tax savings, main savings, PM savings, transportation savings, and the don’t ever touch it savings account. On the other hand, when it comes to outlays these days and I’m forced, I’ll just put it on the old CC (if possible), be broke for the two months it takes to deadbeat the bill, and leave the savings alone.