The Personal Income in U.S. Jumps 0.3% in AugustThe personal income in the United States jumped $47.3 billion or 0.3 percent in August, according to the U.S. Department of Commerce report released.
Personal consumption expenditures (PCE) increased $57.5 billion, or 0.5 percent. Consumer spending is the main engine for the U.S. economy.
The reported data “is a further signal that the positive momentum in domestic activity is being sustained," said Millan Mulraine, an economist at TD Securities in New York to The Christian Science Monitor.
The savings rate dipped to 5.4 percent from 5.6 percent. Personal saving was $705.3 billion in August, compared with $730.5 billion in July.
Inflation remained well below the Federal Reserve's longer term 2.0 percent target. In fact it has undershot the Fed's target for 28 consecutive months. The personal consumption expenditures price index, the Fed's preferred measure, fell to an annual rate of 1.5 percent from 1.6 percent in July.Source: Venture Capital Post