U.S. personal income drops

U.S. personal income drops
# 01 October 2011 08:54 (UTC +04:00)
Baku. Vahab Rzayev – APA-Economics. U.S. personal income dropped in August for the first time in nearly two years, the Commerce Department announced in a report on Friday.
The data, released on Friday by the US Commerce Department, came in worse than the expected 0.2 per cent rise, and has not seen a decline since October 2009. Wage and salary income declined 0.2 per cent after a 0.3 per cent rise in July on weakness in private services.
US consumer sentiment improved slightly in late-September but concerns about the future of the economy persisted, reflecting anxiety over the jobs market and turmoil in global financial markets.

Growth in consumer spending slowed month-on-month, in line with expectations, up 0.2 per cent in August from a 0.7 per cent jump the previous month. When adjusted for inflation, however, spending was unchanged after rising 0.4 per cent in July.
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