BEA: Consumers Spent More In July
Friday August 31st, 2012 - 9:51AM
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According to the United States Bureau of Economic Analysis, personal income increased $42.3 billion, or 0.3%, and disposable personal income increased $39.9 billion, or 0.3%, in July. Personal consumption expenditures also increased, these by $46 billion, or 0.4%.
By comparison, in June, personal income increased $46.1 billion, or 0.3%, DPI increased $37.4 billion, or 0.3%, and PCE increased $3.5 billion, or less than 0.1%, based on revised estimates.
Real disposable income increased 0.3% in July versus 0.2% in June. Real PCE increased 0.4% in July compared with a decrease of 0.1% in the month earlier. BEA adjusts real metrics to eliminate the impact of price changes.
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After decades of following consumers to the suburbs, retailers are plotting to get ahead of a growing segment of the population’s return to the cities.