U.S. Consumer Spending Rose in July
Source: The Wall Street Journal.
U.S. Consumer Spending Rose in July
Domestic consumption could continue to drive economic growth over the second half
By Anna Louie Sussman and Ben Leubsdorf
anna.sussman@wsj.com
http://twitter.com/annalouiesuss
ben.leubsdorf@wsj.com
http://twitter.com/BenLeubsdorf
Updated Aug. 29, 2016 10:12 a.m. ET
WASHINGTON—Consumer spending rose for the fourth straight month in July, a sign that domestic consumption could continue to drive U.S. economic growth over the second half of the year. ... Four consecutive months of solid spending pointed to continued confidence on the part of the consumer, supported by steady job gains and low interest rates and gasoline prices.
Personal consumption, which measures how much Americans spent on everything from hotel stays to hamburgers, rose a seasonally adjusted 0.3% in July from a month earlier, the Commerce Department said Monday. Incomes rose 0.4%, a pickup from growth in the prior two months. Both measures matched consensus expectations from economists surveyed by The Wall Street Journal.
....
July’s rise was led by an uptick in real spending on motor vehicles and services, which offset lower spending on nondurable goods, or items not intended to last more than three years, the report said. ... Consumer spending had climbed 0.5% in June, 0.3% in May and 1.1% in April. Each of those gains matched or outpaced the month’s income growth, suggesting consumers felt comfortable splashing out a little following two straight quarters in which the personal saving rate was 6% or higher. Consumers upped their savings slightly in July, as the personal saving rate rose to 5.7% from an upwardly revised 5.5% in June.
....
The Commerce Department report on personal income and spending can be accessed at http://www.bea.gov/newsreleases/rels.htm.
Read more: http://www.wsj.com/articles/u-s-consumer-spending-rose-in-july-1472473898
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PERSONAL INCOME AND OUTLAYS, JULY 2016
Personal income increased $71.6 billion (0.4 percent) in July according to estimates released today by the Bureau of Economic Analysis. Disposable personal income (DPI) increased $60.1 billion (0.4 percent) and personal consumption expenditures (PCE) increased $42.0 billion (0.3 percent).
Real DPI increased 0.4 percent in July and Real PCE increased 0.3 percent. The PCE price index was unchanged from June. Excluding food and energy, the PCE price index increased 0.1 percent in July.
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This news release presents revised estimates of wages and salaries, personal taxes, and contributions for
government social insurance for January through March 2016 (first quarter). These estimates reflect the
full incorporation of the most recently available first-quarter wage and salary tabulations from the
quarterly census of employment and wages (QCEW) from the Bureau of Labor Statistics.
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Next release: September 30, 2016 at 8:30 A.M. EDT
Personal Income and Outlays: August 2016
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Previously at DU:
U.S. Consumer Spending Increased Solidly in June
= new reply since forum marked as read
