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

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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