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Statement from U.S. Commerce Department Chief Economist Mark Doms on Personal Income and Outlays in June 2011

Submitted on August 2, 2011 - 9:30am
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FOR IMMEDIATE RELEASE
Tuesday, August 2, 2011
CONTACT OFFICE OF PUBLIC AFFAIRS
202-482-2235

The U.S. Commerce Department’s Bureau of Economic Analysis today released personal income and outlays data for June 2011. Personal income rose 0.1 percent in June, consistent with private-sector forecasts. Wages and salaries, the largest component of income, remained unchanged despite a decline in June hourly earnings. Real consumer spending was also unchanged, in line with private-sector expectations.

“Today’s personal income data shows that consumers had a little more money in their pockets in June, as incomes increased and prices – particularly gas prices – dropped,” said U.S. Commerce Department Chief Economist Mark Doms. “With an agreement to raise the debt ceiling and avoid default in place, business and consumer confidence is more likely to strengthen, raising the outlook for greater economic growth and job creation in the third quarter.”