Economic Buzz: US Personal Income Jump 0.3% In August

3 Oct 2022 , 08:33 AM

Personal income in the U.S. increased in line with economist estimates in the month of August, according to a report released by the Commerce Department. Personal income rose by 0.3 percent in August, matching the upwardly revised increase in July as well as expectations. The growth in personal income primarily reflected increases in compensation, proprietors income, and government social benefits that were partly offset by a decrease in personal interest income. Disposable personal income, or personal income less personal current taxes, increased by 0.4 percent in August after rising by 0.3 percent in July. Excluding price changes, real disposable income crept up by 0.1 percent in August after advancing by 0.5 percent in July. The report showed personal spending also climbed by 0.4 percent in August after dipping by a revised 0.2 percent in July. Real personal spending, which excludes price changes, inched up by 0.1 percent in August after edging down by 0.1 percent in July. With income and spending both climbing, personal saving as a percentage of disposable personal income was unchanged from the previous month at 3.5 percent.Powered by Commodity Insights