Spending by consumers in June rose while their incomes dipped slightly.
Figures released by the Commerce Department show personal incomes during the month fell by just under 0.1%, or $3.5 billion, with disposable personal income (DPI) -- what you have left after taxes -- down $4.2 billion, or less than 0.1%.
The decline came as a result of decreases in personal dividend income and personal interest income. Those were partially offset by an increase in employee compensation.
Personal consumption expenditures (PCE), or consumer spending, inched up 0.1%, or $8.1 billion.
The spending increase primarily reflected a $10.0 billion increase in outlays for health care that was partially offset by a decline of $4.4 billion in spending for nondurable goods and a decline of $2.3 billion in spending for durable goods. Gasoline was the leading contributor to the decline in spending for goods.
Personal saving totaled $546.4 billion in June, with the personal saving rate -- personal saving as a percentage of disposable personal income -- at 3.8%.
The complete report is available on the Commerce Department website.
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