The U.S. Commerce Department’s Bureau of Economic Analysis today released personal income and outlays for August 2009. Personal income rose 0.2 percent, real personal consumption expenditures jumped 0.9 percent, andreal disposable personal income decreased 0.2 percent.
“The recent growth in consumer spending along with the gains in housing activity, exports and industrial production suggest that the economy is beginning to expand after contracting in four consecutive quarters,” U.S. Commerce Under Secretary for Economic Affairs Rebecca Blank said. “There is a long road to recovery still in front of us, but expanded consumer spending in nearly every category indicates that consumers are feeling more confident. Further stimulus spending should strengthen economic gains and promote growth in additional sectors in the coming months.”
Source: U.S. Department of Commerce
