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MONDAY August 4, 2008 INCOME GROWTH AFFECTED BY REBATES Average growth, last 12 months Personal income rose 0.1 percent in June, after increasing 1.8 percent in May. The difference is strongly affected by rebates provided under the Economic Stimulus Act of 2008.1 Measured excluding rebates, personal income grew 0.3 percent in June, after increasing 0.4 percent in May. Real disposable personal income (DPI), income adjusted for inflation and taxes, fell 2.6 percent in June after rising 5.2 percent in May. The growth rates are likewise strongly affected by the rebates.1 Measured excluding rebates, real DPI decreased 0.4 percent in June after decreasing 0.1 percent in May. Real consumer spending (personal consumption expenditures) decreased 0.2 percent in June after increasing 0.3 percent in May. For revised statistics for January 2005 though May 2008, see Interactive data. Personal Income1 May June 1.8.% 0.1% 0.4% 0.3% 5.2% -2.6% -0.1% -0.4% 0.5% Excluding Rebates Real DPI1 0.3% Excluding Rebates Real PCE 0.1% 0.3% -0.2% PCE Prices 0.3% 0.5% 0.8% 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 Apr May Jun 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 August 29, 2008, the July estimates of Personal Income and Outlays will be released. Contact: Ralph Stewart 202–606–2649 Bureau of Economic Analysis, U.S. Department of Commerce