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Consumer spending increases again

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Consumer spending increases again

Fourth consecutive monthly increase; personal income also rises.

Consumer spending increased 0.3%, in July, according to the Bureau of Economic Analysis. This followed an upwardly revised increase of 0.4% in June. July’s increase was the fourth consecutive monthly increase in this vital measure.

July’s increase was in line with analysts’ expectations.

Consumer spending in July was buoyed by a 1.6% increase in purchases of long-lasting manufactured goods such as automobiles. Spending on services rose 0.4%.

Personal income increased $71.6 billion, or 0.4%, in July, following a 0.3% increase in June. Disposable personal income increased $60.1 billion, or 0.4% during the month, and personal consumption expenditures increased $42.0 billion, or 0.3%.

The increase in personal income in July primarily reflected increases in wages and salaries and personal current transfer receipts.

The full report can be found here.

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