WASHINGTON—Personal income increased $67.1 billion, or 0.4%, and disposable personal income (DPI) increased $61.5 billion, or 0.5%, in July, according to the Bureau of Economic Analysis.
Personal consumption expenditures (PCE) increased $37.4 billion, or 0.3%. In June, personal income increased $59.4 billion, or 0.4%, DPI increased $52.4 billion, or 0.4%, and PCE increased $31.8 billion, or 0.3%, based on revised estimates.
Real DPI increased 0.4% in July, compared with an increase of 0.2% in June, the BEA said. Real PCE increased 0.2%, compared to an increase of less than 0.1%.
Wages and salaries increased $35.8 billion in July, compared with an increase of $14.3 billion in June. Private wages and salaries increased $32.7 billion, compared with an increase of $11.0 billion. Government wages and salaries increased $3.1 billion, compared with an increase of $3.3 billion, according to the BEA.
Supplements to wages and salaries increased $6.0 billion in July, compared with an increase of $4.6 billion in June.
Personal outlays – PCE, personal interest payments, and personal current transfer payments – increased $37.7 billion in July, compared with an increase of $36.5 billion in June. PCE increased $37.4 billion, compared with an increase of $31.8 billion.
Personal saving – DPI less personal outlays – was $651.1 billion in July, compared with $627.3 billion in June. The personal saving rate – personal saving as a percentage of disposable personal income – was 4.9% in July, compared with 4.7% in June, the BEA said.