August 29, 2011
Consumer Spending Up In July
U.S. consumer spending rose 0.8 percent between June and July, while personal income rose 0.3 percent, according to the Bureau of Economic Analysis.
The numbers represented more growth than in the previous month, when personal income increased 0.3 percent while consumer spending fell 0.1 percent, according to revised estimates.
After accounting for inflation, spending rose 0.5 percent in July, compared with a decrease of less than 0.1 percent in June. Real disposable income fell 0.1 percent in July after rising 0.3 percent in June.
Private wages and salaries rose $24.3 billion in July, with service industry payrolls providing $20.5 billion of the increase. Pay in the government sector fell by $100 million.
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