Personal Income, Spending Rise in June

Washington, DC, Aug. 4, 2008--Personal income rose 0.1 percent in June after surging 1.8 percent in May when the first wave of stimulus checks arrived, the Commerce Department said.

Personal spending increased by 0.6 percent in June, which was more than the expectede 0.5 percent increase.

However, individual spending, when adjusted for inflation fell by 0.2 percent following a 0.3 percent increase in May, according to the report.

The government dolled out $48.1 billion in economic stimulus payments in May and $27.9 billion worth in June.

Disposable personal income fell by 1.9 percent in June, after spiking up by 5.7 percent in May.

Excluding stimulus rebate payments, disposable personal income increased by 0.3 percent in June after increasing by 0.4 percent in May.