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MONDAY September 29, 2008 PERSONAL INCOME RISES IN AUGUST Consumer spending growth flat Average growth, last 12 months Personal income increased 0.5 percent in August, after decreasing 0.6 percent in July. The difference reflects rebates provided by the Economic Stimulus Act of 2008,1 which reduced growth in July. Excluding the rebates, personal income grew 0.5 percent in August, after increasing 0.6 percent in July. Real disposable personal income (DPI), income adjusted for inflation and taxes, fell 0.9 percent in August after falling 1.5 percent in July. Excluding rebates, real DPI increased 0.5 percent in August after increasing 0.1 percent in July.1 Real consumer spending (personal consumption expenditures) was unchanged in August after decreasing 0.5 percent in July. Spending on motor vehicles and parts turned up, and spending on home turned up. PCE prices remained unchanged in August after rising 0.6 percent in July. Excluding food and energy, the index rose 0.2 percent after rising 0.3 percent in July. Personal Income1 0.4% Excluding Rebates Real DPI1 0.0% Excluding Rebates July August –0.6% 0.5% 0.6% 0.5% –1.5% –0.9% 0.1% 0.5% Real PCE 0.0% –0.5% 0.0% PCE Prices 0.4% 0.6% 0.0% 1 Only some rebates—those reported as transfer payments—are included in personal income. All rebates are included in real DPI. For more information see FAQ. Real Disposable Personal Income and Real Consumer Spending 6.0 Percent change (monthly) 5.0 Real Disposable Personal Income 4.0 3.0 2.0 Real Disposable Personal Income Excluding Rebates 1.0 0.0 -1.0 Real Consumer Spending -2.0 -3.0 May Jun Jul Aug BEA data—including GDP, personal income, the balance of payments, foreign direct investment, the input-output accounts, and economic data for states, local areas, and industries—are available on the BEA Web site: www.bea.gov. E-mail alerts are also available. NOTE: On October 31, 2008, the September estimates of Personal Income and Outlays will be released. Contact: Ralph Stewart 202–606–2649 Bureau of Economic Analysis, U.S. Department of Commerce
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