Personal Income Climbs Less Than Expected

Income missed expectations, while spending came in in line,
the BEA said.

Income increased 0.3%. Spending gained 0.5%.

Income was expected to climb by 0.4%. Spending was expected to climb by 0.5%.

In chained 2009 dollars, disposable income actually declined -0.1% in June.

More:

Private wages and salaries increased $US38.0 billion in June, compared with an increase of $US19.1 billion in May.

Goods-producing industries’ payrolls increased $US5.9 billion, compared with an increase of $US5.0 billion; manufacturing payrolls increased $US4.2 billion, compared with an increase of $US1.8 billion.

Services-producing industries’ payrolls increased $US32.0 billion, compared with an increase of $US14.2 billion.

Government wages and salaries decreased $US0.5 billion, in contrast to an increase of $US0.3 billion.

Last month’s personal income was revised to 0.3%, while personal spending was revised to 0.2%.

Consumption growth has been basically flat since mid-2010, while disposable income has seen more fluctuations.

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