The following is the unedited transcript of the news release from the Bureau of Economic Analysis.


Personal income increased $61.9 billion, or 0.5 percent, and disposable personal income (DPI) increased $57.3 billion, or 0.6 percent, in July, according to the Bureau of Economic Analysis. Personal consumption expenditures (PCE) increased $37.8 billion, or 0.4 percent. In June, personal income increased $45.7 billion, or 0.4 percent, DPI increased $36.5 billion, or 0.4 percent, and PCE increased $16.1 billion, or 0.2 percent, based on revised estimates.

Wages and salaries

Private wage and salary disbursements increased $26.9 billion in July, compared with an increase of $28.7 billion in June. Goods-producing industries'' payrolls increased $1.2 billion, compared with an increase of $5.2 billion; manufacturing payrolls increased $1.9 billion, compared with an increase of $4.2 billion. Services-producing industries'' payrolls increased $25.7 billion, compared with an increase of $23.5 billion. Government wage and salary disbursements increased $1.9 billion, compared with an increase of $3.8 billion.

Other personal income

Supplements to wages and salaries increased $6.3 billion in July, compared with an increase of $5.6 billion in June. Proprietors'' income increased $5.2 billion in July, in contrast to a decrease of $1.6 billion in June. Farm proprietors'' income decreased less than $0.1 billion, compared with a decrease of $2.7 billion. Nonfarm proprietors'' income increased $5.2 billion, compared with an increase of $1.1 billion.

Rental income of persons decreased $1.7 billion in July, in contrast to an increase of $4.4 billion in June. Personal income receipts on assets (personal interest income plus personal dividend income) increased $16.2 billion, compared with an increase of $8.8 billion. Personal current transfer receipts increased $11.0 billion, in contrast to a decrease of $0.1 billion.

Contributions for government social insurance -- a subtraction in calculating personal income - increased $3.8 billion in July, the same increase as in June.

Personal current taxes and disposable personal income

Personal current taxes increased $4.6 billion in July, compared with an increase of $9.2 billion in June. Disposable personal income (DPI) -- personal income less personal current taxes -increased $57.3 billion, or 0.6 percent, in July, compared with an increase of $36.5 billion, or 0.4 percent, in June.

Personal outlays and personal saving

Personal outlays - PCE, personal interest payments, and personal current transfer payments increased $37.1 billion in July, compared with an increase of $26.0 billion in June. PCE increased $37.8 billion, compared with an increase of $16.1 billion.

Personal saving - DPI less personal outlays - was $72.2 billion in July, compared with $52.0 billion in June. Personal saving as a percentage of disposable personal income was 0.7 percent in July, compared with 0.5 percent in June. Saving from current income may be near zero or negative when outlays are financed by borrowing (including borrowing financed through credit cards or home equity loans), by selling investments or other assets, or by using savings from previous periods.

Real DPI and real PCE

Real DPI - DPI adjusted to remove price changes - increased 0.5 percent in July, compared with an increase of 0.2 percent in June.

Real PCE - PCE adjusted to remove price changes - increased 0.3 percent in July, compared with an increase of less than 0.1 percent in June. Purchases of durable goods increased 0.5 percent, in contrast to a decrease of 1.8 percent. Purchases of nondurable goods increased 0.4 percent, compared with an increase of 0.1 percent. Purchases of services increased 0.2 percent, compared with an increase of 0.3 percent.

PCE price index -- The PCE price index increased 0.1 percent in July, compared with an increase of 0.2 percent in June. The PCE price index, excluding food and energy, increased 0.1 percent, compared with an increase of 0.2 percent.

Revisions

For January through June, the revisions to wages and salaries reflect the incorporation of the most recently available BLS tabulations of first-quarter private wages and salaries from the quarterly census of employment and wages. Revisions to personal current taxes and to contributions for government social insurance reflect the revisions to wages and salaries.