Americans are making more and spending more, according to a July Personal Income and Outlays report (link opens as PDF) released today by the Commerce Department.
After increasing 0.3% in June, personal income edged up another 0.1% ($38.2 billion), missing analyst estimates of a 0.2% gain.
For the same period, personal spending also increased 0.1% ($14.1 billion) after June's 0.6% increase. Analysts' predictions proved even further off the mark, having expected a 0.3% uptick.
The near-negligible moves didn't stop there. In a sign of slowing optimism on the future of the economy, durable goods spending increased a minimal 0.1% after bumping up 0.9% in June . Wages and salaries dropped off 0.3%. As overall wages and salaries tumbled $21.8 billion from June, a third of the decline came from forced furloughs of federal workers.
Looking back over the past 12 months, disposable personal income is up 0.8%, while personal spending has increased 1.7% in the same period.
-- Material from The Associated Press was used in this report.
The Motley Fool has no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.