FOR IMMEDIATE RELEASE
Friday, October 1, 2010
CONTACT OFFICE OF PUBLIC AFFAIRS
The U.S. Commerce Department’s Bureau of Economic Analysis today released personal income and outlays for August 2010. Personal income increased 0.5 percent in August. Real disposable personal income increased 0.2 percent. Real consumer spending also increased 0.2 percent in August and the July-August average stood 1.6 percent at an annual rate above the second-quarter average.
“Gains in personal income and consumer spending in August are consistent with continued economic growth,” said U.S. Commerce Department Under Secretary for Economic Affairs Rebecca Blank. “Consumer spending accounts for 70 percent of GDP, and its growth over the past four months indicates that we are seeing a solid recovery. This administration will keep fighting for policies that strengthen the middle class, put more Americans to work and foster long-term economic growth.” Release