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US consumers accelerated their
spending in July but income growth remained sluggish -- another sign
the economic recovery remains fragile.
Consumer spending rose 0.4% last
month after staying flat in June, the Bureau of Economic Statistics said in a
report Monday. But their incomes increased less than expected, rising 0.2% after
remaining unchanged in June.
Personal income: Wages and salaries,
the largest component of personal income, increased 0.3% in July, after
decreasing 0.1% in June while real disposable personal income (DPI), income
adjusted for inflation and taxes, decreased 0.1% in July after increasing 0.1%
in June. Real consumer spending, spending adjusted for price changes, increased
0.2% in July after increasing 0.1% in June.
PCE (personal consumer expenditure) prices increased 0.2 percent
in July after decreasing 0.1% in June. Excluding food and energy, the PCE price
index increased 0.1%, compared with no change in June.
Personal saving rate: Personal saving as a percent of disposable
personal income was 5.9% in July, compared with 6.2% in June.
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What the latest
personal income and spending data mean for the economy and markets, with CNBC's
Rick Santelli:
