Economic Buzz: US Personal Income Rises 0.6% In June

1 Aug 2022 , 08:59 AM

A report released by the Commerce Department showed personal income in the U.S. increased by slightly more than expected in the month of June. The Commerce Department said personal income climbed by 0.6 percent in June following an upwardly revised 0.6 percent advance in May. Disposable personal income, or personal income less personal current taxes, increased by 0.7 percent in June after climbing by 0.6 percent in May. The report also showed personal spending jumped by 1.1 percent in June after rising by an upwardly revised 0.3 percent in May. The surge in spending was largely due to higher prices, as real personal spending, which excludes price changes, inched up just 0.1 percent in June after falling by 0.3 percent in May. With spending in current dollars climbing by more than income, personal saving as a percentage of disposable income slumped to a 13-year low of 5.1 percent in June from 5.5 percent in May. Powered by Commodity Insights