Consumer Spending Flat As Incomes Rise
Consumer spending was flat again in August despite the greatest monthly personal income gains in a year, according to the U.S. Department of Commerce.
Personal income increased 0.5 percent to $61.5 billion, but disposable personal income decreased $93.3 billion, or 0.9 percent, in August. The personal income increase is the largest in the last year except for May's 1.9 percent increase, which was the result of the federal economic stimulus payments, the department said.
Personal consumption expenditures increased $3.9 billion, less than 0.1 percent.
In July, personal income decreased $69.0 billion, or 0.6 percent and disposable income decreased $91.0 billion, or 0.8 percent. Also in July, personal consumption increased $14.2 billion, or 0.1 percent.
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