RTTNews - While the Commerce Department released a report on Friday showing that personal income was nearly unchanged in July, the report also showed a modest increase in personal spending that came in line with economist estimates.
The report showed that personal income edged up by less than 0.1 percent in July following a revised decrease of 1.1 percent in June. Economists had expected income to increase by 0.1 percent compared to the 1.3 percent drop originally reported for the previous month.
At the same time, the Commerce Department said that personal spending rose 0.2 percent in July compared to an upwardly revised 0.6 percent increase in the previous month. The modest increase came in line with economist estimates.
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