Personal income rose $61.8 billion in June, but consumers held on to it as personal spending fell 1.3 billion in the month, the Bureau of Economic Analysis reported. The increase in income – 0.5 percent – topped expectations of a 0.4 percent boost, but the 0.01 percent decline in spending fell short of the 0.1 percent increase economists had expected. Disposable personal income – essentially after-tax income – rose $52.4 billion in June. Personal savings as a percentage of disposable (after tax) income rose to 4.4 percent in June from 4.0 percent in May. Wages and salaries accounted for more than half the increase in income, improving $32.6 billion in June after increasing just 8.9 billion in May. [Read this article]
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