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July personal income rises 0.3%, spending up 0.8%

July personal income rises 0.3%, spending up 0.8% (by Jeffry Bartash)

WASHINGTON (MarketWatch) - The personal incomes of Americans rose 0.3% in July, but spending climbed even faster at 0.8% as auto purchases surged, reducing the U.S. savings rate last month, the government reported Monday. The increase in spending was the largest in two years, the Commerce Department said. The savings rate fell to 5.0% in July from 5.5% in the prior month. Also, disposal income adjusted for inflation fell 0.1%, marking the first decline in 10 months. Inflation, meanwhile, rose 0.4% based on the latest reading from the personal consumption expenditure price index. The core PCE, which excludes volatile food and energy costs, rose a lesser 0.2%. Economists surveyed by MarketWatch had forecast a 0.4% increase in personal income and a 0.6% rise in consumer spending. The core PCE index was expected to rise 0.2%.