Personal Income Up 0.3%, Spending Up 0.5%
Aug 2nd 2013 3:51PM
Updated Aug 2nd 2013 3:56PM
Americans are making more and spending more, according to a June Personal Income and Outlays report (link opens as PDF) released today by the Commerce Department.
After increasing a revised 0.4% in May, personal income edged up $45.4 billion (0.3%) in June, missing analysts' mark by 0.1 percentage points.
For the same period, personal spending increased $59.4 billion (0.5%). In this case, analysts' estimates of 0.4% growth proved slightly too conservative after May's revised 0.2% gain . This uptick in spending was accompanied by a 0.2-point decrease in saving -- Americans saved 4.4% of their personal income in June. In a potential sign of longer-term economic optimism, durable goods spending increased another 0.9% on top of May's 0.6% growth.
Overall inflation hit analysts' 0.4% expectation on the mark. Excluding more volatile food and energy prices, analysts' 0.1% growth estimate came in just below the actual 0.2% increase.
The article Personal Income Up 0.3%, Spending Up 0.5% originally appeared on Fool.com.Fool contributor Justin Loiseau has no position in any stocks mentioned. You can follow him on Twitter @TMFJLo and on Motley Fool CAPS @TMFJLo. The Motley Fool has no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.