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US economy increased by 1.1% to $225.9 billion in July as spending for services rose by $102.6 billion and $60.4 billion decrease in spending on goods.
Source: U.S. Department of Commerce
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The disposable personal income (DPI) also increased by 1.1% to $198.0 billion, and personal consumption expenditures (PCE) increased by 0.35 to $42.2 billion.
The real DPI in the U.S. economy further increased by 0.7% in July, and real PCE reduced by 0.1%, goods decreased by 1.6%, and services rose by 0.6%.
The increase in personal income in July mainly reflected increases in government social benefits and compensation of employees. The increase in compensation was primarily in private wages and salaries.
US household spending on goods recorded widespread decreases across most spending categories, led by motor vehicles and parts, recreational goods and vehicles as well as clothing and footwear.
Personal outlays increased $45.4 billion in July. The PCE price index in July rose by 4.2% from the prior year, reflecting an increase in both goods and services.
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