© 2020 WYSO
Our Community. Our Nation. Our World.
Play Live Radio
Next Up:
0:00
0:00
Available On Air Stations

Personal Income Slipped In August, Consumer Spending Basically Flat

There was a 0.1 percent dip in personal income in August vs. July, the Bureau of Economic Analysis just reported. The Associated Press says that's the "poorest showing since a similar 0.1 percent drop in October 2009."

In addition, "disposable personal income" actually fell 0.3 percent after inflation.

Meanwhile, consumer spending edged up 0.2 percent — but was unchanged when inflation is factored in. Since consumers purchase about 70 percent of all goods and services, weakness in their demand ripples through the economy.

Copyright 2020 NPR. To see more, visit https://www.npr.org.