WASHINGTON - Personal income rose $42.3 billion or 0.3% in July, the Commerce Department reported Thursday.
The July increase followed a downwardly revised 0.3% gain in June, and was greater than the median 0.3% gain estimated by economists polled by Thomson Reuters. The June increase was originally reported as being 0.5%.
Personal spending climbed $46.0 billion, or 0.4%, in July. That followed a flat June and matched the gain projected by the economists. The increase represented the largest monthly spending advance since a 0.8% jump in February.
Disposable personal income increased $37.4 billion, or 0.3% in July, following a gain of 0.3% in June. Real disposable income, which is adjusted to remove price changes, rose 0.3% in July, after gaining 0.2% in June.
The core PCE, which excludes food and energy, remained unchanged in July, following a 0.2% gain in June.