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Consumer spending increases in August

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Consumer spending increases in August

0.4% increase beats expectations.

Consumer spending increased $54.9 billion, or 0.4%, in August, according to the Bureau of Economic Analysis. This followed an upwardly revised increase of 0.4% in July (from the previously-reported 0.3%).

Analysts had expected an increase of 0.3%.

Personal income increased $52.5 billion, or 0.3%, and disposable personal income increased $47.1 billion, or 0.4%, during the month. In July, personal income increased $69.6 billion, or 0.5%, and DPI increased $63.9 billion, or 0.5%.

Personal saving -- DPI less personal outlays -- was $615.6 billion in August, compared with $623.6 billion in July. The personal saving rate -- personal saving as a percentage of disposable personal income -- was 4.6% in August, compared with 4.7% in July.

The full report can be found here.

 

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