Consumers found a bit more in their paychecks in July.
According to the Bureau of Economic Analysis (BEA), personal income rose 0.4%, or $65.6 billion last month, while disposable personal income (DPI) -- what's left after taxes are taken out -- was up $39.6 billion, or 0.3%.
The increase in personal income was due largely to higher wages and salaries, and personal income receipts on assets.
Spending and saving
Personal consumption expenditures (PCE), or consumer spending, was up 0.3%, or $44.7 billion, with outlays for goods -- primarily furnishings and durable household items -- up $18.7 billion.
Spending for services -- mostly food services and accommodations -- rose $11.8 billion.
Personal saving totaled $510.2 billion in July, with the personal saving rate -- personal saving as a percentage of disposable personal income -- at 3.5%, down 0.3% from June.
The complete report is available on the BEA website.
A slight uptick last week in initial jobless claims.
The Labor Department (DOL) reports first-time applications for state unemployment benefits totaled 236,000 in the week ending August 26 -- up 1,000 from the previous week's level which revised by 1,000.
The 4-week moving average, which because of it's lower level of volatility is considered a more accurate gauge of the labor market, fell by 1,259 to 236,750. The previous week's average was revised up by 250.
The full report may be found on the DOL website.
Keep an eye on your inbox, the lastest consumer news is on it's way!