Keeping you up to date on the latest data releases.
- Personal Income
Nominal personal income ticked up 0.3 percent (non-annualized) in July following an upwardly revised 0.2 percent gain in June, and is now up 5.3 percent over the past year. Disposable personal income rose 0.3 percent in July, though after adjusting for price changes, “real” disposable income slipped down 0.1 percent (its first monthly decrease since September 2010). Over the past 12 months, real disposable income has risen just 1.2 percent its slowest nominal monthly growth since last May. Real personal consumption expenditures jumped up 0.5 percent in July, after three roughly flat readings. Most of July’s jump-up was due to autos purchases, which pushed up durables consumption 2.0 percent after falling 1.3 percent in June. Apart from durables, nondurables consumption almost completely offset a 0.4 percent increase in June, slipping down 0.3 percent in July. However, consumer spending on services rose 0.5 percent in July, its strongest monthly gain since December 2009. The 12-month growth rate rose to 2.3 percent after included July's strength, up from 2.0 percent in June.