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FRIDAY August 28, 2009 PERSONAL INCOME FLAT IN JULY; WAGES TURN UP Personal income was flat in July, after falling 1.1 percent in June. Wages and salaries, the largest component of personal income, increased 0.1 percent in July after decreasing 0.3 percent in June. Real disposable personal income (DPI), income adjusted for inflation and taxes, fell 0.1 percent in July. Personal transfer receipts fell $3 billion in July after falling $122 billion in June (after the American Recovery and Reinvestment Act boosted transfers significantly in May). Average, last 12 months June –0.2 % –1.1 % 0.0 % Excluding one-time ARRA items 0.2 % 0.1 % Real DPI 0.0 % Excluding one-time ARRA items –1.6 % –0.2 % –0.1 % 0.0 % Personal Income July Real consumer spending (spending adjusted for price changes) increased 0.2 percent in July, after increasing 0.1 percent in June. New auto purchases were the leading contributor, reflecting the effects of the “cash for clunkers” program. Purchases of nondurable goods fell in July. Real PCE –0.1 % 0.1 % 0.2 % PCE prices were flat in July. Excluding food and energy, prices rose 0.1 percent. PCE Prices –0.1 % 0.5 % 0.0 % 12-month average June July 4.5 % 4.2 % Personal saving as a percent of disposable income was 4.2 percent in July. Personal Saving Rate 3.8 % Real Disposable Personal Income and Real Consumer Spending 2.0 Percent change (monthly) 1.5 1.0 Real Disposable Personal Income 0.5 0.0 -0.5 -1.0 Real Consumer Spending -1.5 -2.0 April May June July 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 1, 2009, the August 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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