Statement from Under Secretary Rebecca Blank on Personal Income and Outlays in July 2010

The U.S. Commerce Department’s Bureau of Economic Analysis today released personal income and outlays for July 2010. Personal income increased 0.2 percent in July, similar to private-sector expectations, while real disposable income decreased 0.1 percent.  Real personal consumption expenditures increased 0.2 percent in July and at a 1.3-percent annual rate from their second-quarter average.

“Consumer spending adjusted for inflation continues to increase at a moderate pace,” said U.S. Commerce Under Secretary for Economic Affairs Rebecca Blank.  “These data suggest that the economy continues to grow, as consumer spending accounts for 70 percent of GDP. While the economy is growing at a slower pace than we would like, the Obama administration continues to push for policies that support further economic growth and job creation.”