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Consumer spending up 0.1 percent in July

Aug. 30, 2013 at 8:57 AM   |   Comments

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.

© 2013 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
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