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U.S. personal income growth matches estimates, spending flat

Staff Writer |
While the Commerce Department released a report showing an uptick in U.S. personal income in the month of August, the report said personal spending was little changed during the month.

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Personal spending was virtually unchanged in August after rising by an upwardly revised 0.4 percent in July.
The report said personal income edged up by 0.2 percent in August after climbing by 0.4 percent in July. The modest increase in income matched economist estimates.

Disposable personal income, or personal income less personal current taxes, also rose by 0.2 percent in August following a 0.4 percent increase in July.

Meanwhile, the Commerce Department said personal spending was virtually unchanged in August after rising by an upwardly revised 0.4 percent in July.

Economists had been expecting spending to rise by 0.2 percent compared to the 0.3 percent growth originally reported for the previous month.

Real spending, which is adjusted to remove price changes, edged down by 0.1 percent in August following a 0.3 percent increase in July.

Personal saving as a percentage of disposable personal income subsequently inched up to 5.7 percent in August from 5.6 percent in July.


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