Personal Income Rises 0.2%, Spending 0.4%

Personal income and spending were released approximately ten minutes ago, and the results were seen as a little bit better than expected.

Personal income was expected to come in at 0.3%, but the July reading showed an increase of 0.2%.

Personal spending was a bit stronger than expected, showing an increase of 0.4% in July, compared to an increase of 0.3%.

The savings rate dipped to 5.9%, compared from a revised 6.2% for the month of June. The initial reading was a savings rate of 6.4%.

These numbers are seen as important due to the consumer account for 70% of GDP.