Here come personal income and spending ...

Mall shopping saleJoshua Lott/Getty ImagesShoppers walk with bags at Somerset Collection shopping mall in Troy, Michigan.

The Commerce Department will release data on personal income and spending during July at 8:30 a.m. ET.

Economists forecast that personal income rose 0.4% during the month, while spending increased by 0.3%, according to Bloomberg.

The report will also include personal consumption expenditures, which reflects consumer spending and is the Federal Reserve’s preferred way to gauge inflation.

The consensus forecast is for core PCE, which excludes food and energy prices, to be unchanged from June at 0.1%, and be up 1.5% year-on-year.

Consumer spending was a major boost for economic growth in the second quarter, and so this report will be watched for how it may help third-quarter GDP.

More to come …

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