U.S. ECONOMICS: Personal Income Rose While Spending Fell

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July personal income rose 0.2% in July, but spending fell 0.1%. The 0.4% increases in May and June spending were revised to 0.5%. June's 0.4% spending gain was not revised. July wages and salaries edged up 0.2% after a 0.4% increase previously. Disposable income inched up 0.1% following June's revised 0.5% increase. The savings rate rose to 5.7% versus 5.4% (revised from 5.3%). The PCE price chain price index rose 0.1% compared to June's 0.2%, with the core rate steady at 0.1%. The annual rates for the headline and core rates were steady at 1.6% y/y and 1.5% y/y, respectively, below the FOMC's 2.0% year-over-year target.



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