WASHINGTON–Americans’ personal income rose ever-so-slightly during July.
According to new data from the Bureau of Economic Analysis (BEA), personal income increased $23.9 billion (0.1%), while disposable personal income (DPI) increased $44.4 billion (0.3%) and personal consumption expenditures (PCE) increased $93.1 billion (0.6%).
Excluding food and energy, the PCE price index increased 0.2%.
The increase in personal income in July primarily reflected increases in compensation of employees and government social benefits to persons that were partially offset by a decrease in personal interest income, the BEA said.
The agency reported the $56.9 billion increase in real PCE in July reflected an increase of $36.4 billion in spending for goods and a $23.8 billion increase in spending for services. Within goods, recreational goods and vehicles was the leading contributor to the increase. Within services, the largest contributor to the increase was spending for household electricity and gas.
The BEA said personal saving was $1.27 trillion in July and the personal saving rate, personal saving as a percentage of disposable personal income, was 7.7%.