The July readings of personal income and spending were a bit light.
Income climbed by just 0.1%, which was less than the 0.2% expected by economists.
Spending rose by just 0.1%, which was below the 0.3% expected.
“Data from the employment report showed weaker job growth in July,” said Wells Fargo’s John Silvia in a note before the data was release. “Combined with a slightly shorter workweek and a pullback in earnings, take home pay looks to have softened…. Retail sales growth slowed over the month, while a smaller increase in gasoline prices saved consumers from having to step up spending at the pump as much as they did the previous month.”
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