| U.S. consumer spending, income edge up in July |
| Last Updated(Beijing Time):2012-08-31 08:29 |
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U.S. consumers spent more last month as their income posted a modest gain, the Commerce Department reported Thursday.
Total personal income rose 42.3 billion U.S. dollars, or 0.3 percent in July, the same pace as the previous month, the department said.
Personal consumption expenditures (PCE) increased 46 billion dollars, or 0.4 percent in July, according to the report.
The personal savings rate, or personal saving as a percentage of disposable personal income, declined to 4.2 percent in July from the revised 4.3 percent in June.
The department on Wednesday upwardly revised the nation's economic growth rate for the second quarter of the year to 1.7 percent from a previous estimate last month of 1.5 percent. However, it remained below the 2 percent growth recorded in the first quarter. |
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