Washington, DC, August 2--Personal income was up at a seasonally adjusted annual rate of 0.5% in June, according to the Commerce Department. June’s hike came after an unrevised increase of 0.2% in May.
The Commerce Department said that personal spending was up 0.8% during the month, after an unrevised flat reading the month before.
Disposable personal income -- income after taxes -- rose 0.5%, following an unrevised 0.2% advance in May. Income after taxes and inflation rose 0.5% after inching up 0.1% in May.
The growth of private-sector wages and salaries rose $11.5 billion.
Spending on durable goods increased by 2.9% in during the month. Nondurable goods spending were up 0.7%, after decreasing 0.2% in May. June spending on services gained by 0.5%, after a 0.6% increase.
A price index for personal consumption expenditures excluding food and energy was flat in June compared to May.
Personal saving as a percentage of disposable personal income was flat in June. In May the rate was 0.4%.
