Personal Income Rises Faster Than Outlays; Savings Negative Again

Manufacturing payrolls increased $2.2 billion in June, as personal income rose six-tenths of a percent and personal income expenditures rose four-tenths of a point, the U.S. Commerce Department reported on Aug. 1.

In May, personal income had risen four-tenths of a percent while expenditures increased by six-tenths of a percent.

Personal savings remained negative in June, indicating that many Americans continue to finance purchases with credit cards, home equity loans, existing savings or by selling investments.

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