Personal Income in U.S. Edges Up in July

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According to the Bureau of Economic Analysis, personal income increased $42.4 billion, or 0.3 percent, and disposable personal income (DPI) increased $32.5 billion, or 0.3 percent, in July.
 
Personal consumption expenditures (PCE) increased $88.4 billion, or 0.8 percent. In June, personal income increased $27.7 billion, or 0.2 percent, DPI increased $22.6 billion, or 0.2 percent, and PCE decreased $14.3 billion, or 0.1 percent, based on revised estimates.

Real disposable income decreased 0.1 percent in July, in contrast to an increase of 0.3 percent in June. Real PCE increased 0.5 percent, compared with a decrease of less than 0.1 percent.

Private wage and salary disbursements increased $24.3 billion in July, compared with an increase of $8.9 billion in June. Goods-producing industries' payrolls increased $3.7 billion, in contrast to a decrease of $0.3 billion; manufacturing payrolls increased $3.6 billion, in contrast to a decrease of $0.9 billion. Services-producing industries' payrolls increased $20.5 billion, compared with an increase of $9.2 billion. Government wage and salary disbursements decreased $0.1 billion in July; government wage and salary disbursements were unchanged in June.

Supplements to wages and salaries increased $3.7 billion in July, compared with an increase of $2.1 billion in June.

Proprietors' income increased $3.2 billion in July, compared with an increase of $0.9 billion in June. Farm proprietors' income decreased $0.5 billion, compared with a decrease of $0.9 billion. Nonfarm proprietors' income increased $3.7 billion, compared with an increase of $1.9 billion.

Rental income of persons increased $5.0 billion in July, in contrast to a decrease of $1.2 billion in June. Personal income receipts on assets (personal interest income plus personal dividend income) increased $7.5 billion, compared with an increase of $10.5 billion.

Personal current transfer receipts increased $2.2 billion, compared with an increase of $7.6 billion. Contributions for government social insurance -- a subtraction in calculating personal income -- increased $3.5 billion in July, compared with an increase of $1.1 billion in June.

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