The U.S. Commerce Department's Bureau of Economic Analysis today released personal income and outlays for July 2009. Real personal spending increased 0.2 percent and personal income increased less than 0.1 percent, after decreasing 1.1 percent in June.
“During the first half of the year, 95 percent of working families have seen the benefits of the Making Work Pay tax credit in their paychecks because of the Recovery Act, which has boosted Americans’ disposable income,” U.S. Commerce Under Secretary for Economic Affairs Rebecca Blank said. “This increase has helped stabilize economic conditions in the wake of the worst economic environment in generations.”
Source: U.S. Department of Commerce
