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Personal income increased by $42.3 billion, or 0.3 per cent, in line with expectations.Meanwhile, personal consumption expenditures increased $46.0 billion, climbing 0.4 per cent, just shy of expectations.
Some highlights from the release:
- Private wage and salary disbursements increased $16.1 billion in July, compared with an increase of $28.5 billion in June.
- Government wage and salary disbursements increased $300 million, compared with an increase of $500 million the previous month.
- There were revisions to personal income and disposable personal income for January through June. Meanwhile personal consumption expenditure was revised for the period from April through June.
Read the full release at the Bureau of Economic Analysis.
Expectations: Analysts polled by Bloomberg expect personal income to rise 0.3 per cent month-over-month in July.
Consumer spending is expected to rise 0.5 per cent month-over-month. Personal outlays measures consumer purchases of goods and services.
At a time when many argue that consumer retrenchment is behind the weakness in the U.S. economic recovery, markets are watching this data for signs of improvement.
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