August 29, 2008
Personal Income Down In July
U.S. personal income dropped 0.7 percent in July after increases in previous months.
The Commerce Department said the $89.9 billion decline came after a $7.5 billion, or 0.1 percent, increase in June. Income rose 1.8 percent in May, and 0.2 percent in April.
Personal spending also slowed in July, rising 0.2 percent, compared with 0.6 percent and 0.8 percent increases in June and May, respectively.
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