Consumer spending up 0.1 percent in July

Aug. 30, 2013 at 8:57 AM

WASHINGTON, Aug. 30 (UPI) -- Consumer spending rose 0.1 percent in July after climbing 0.6 percent in June, the U.S. Commerce Department said Friday.

Spending adjusted for inflation was flat in July after rising 0.2 percent in the previous month.

June's spending increase is an upward revision from a previous report that estimated the gain for the month at 0.5 percent.

Personal incomes rose 0.1 percent in July, or by $14.1 billion, while disposable income rose 0.2 percent.

Disposable income outpaced personal incomes due to muted price gains. Inflation in July rose 0.1 percent after a gain of 0.4 percent in June.

Core prices, excluding food and energy, also rose 0.1 percent after a gain of 0.2 percent the previous month.

The personal savings rate was unchanged at 4.4 percent in July. The aggregate total of savings came to $544.5 billion in July, little changed from the $541.2 billion in June.

Savings is calculated as disposable personal income minus personal outlays.

Related UPI Stories
Latest Headlines
Trending Stories
Nobel Prize in Chemistry awarded to DNA cell repair pioneers
U.S. oil production to decline
U.S. asks how Islamic State militants got so many Toyotas
At least 17 dead in Carolinas, more flooding expected
NASA releases thousands of Apollo mission photos on Flickr