Personal Spending and Income Down

The Bureau of Economic Analysis released their report on Personal Spending and Income today showing that both were down in June from the prior month.  Personal income was down from the previous month due to decreases in Goods-producing industries, Manufacturing payrolls and Government wage and salary disbursements.  In the government sector some of this was a decrease in temporary Census 2010 workers.  Service-producing industries saw a slight increase from the prior month.  Personal spending was down and personal savings was slightly up (up 0.1%).   Even though we need to monitor this into the next month, it would seem people are reigning in their spending, which is never good for the economy.  [ read more... ]