Following increases the previous month, both personal income and spending were higher in July.
Incomes jumped 0.4%, or $71.6 billion, according to the Bureau of Economic Analysis (BEA), with disposable personal income (DPI) -- what's left after Uncle Sam takes his cut -- up $60.1 billion, or 0.4%.
The increase in personal income last month came largely from advances in wages and salaries and personal current transfer receipts.
Spending and saving head higher
Personal consumption expenditures (PCE), or consumer spending, rose 0.3% or $42.0 billion, reflecting increases in spending for new cars and services that were partially offset by a dip in spending for nondurable goods.
Excluding food and energy, the PCE price index increased 0.1% in July.
Personal saving totaled $794.7 billion in July, pushing the personal saving rate -- personal saving as a percentage of disposable personal income -- up 0.3% from June to 5.7%.
The complete report is available on the BEA website.