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For additional information relating to this article, please contact:

Thomas StorringDirector – Economics and Statistics
Tel: 902-424-2410Email: thomas.storring@novascotia.ca

August 28, 2020
US PERSONAL INCOME AND OUTLAY, JULY 2020

"The July estimate for personal income and outlays was impacted by the response to the spread of COVID-19. Federal economic recovery payments continued but were at a lower level than in June, and government “stay-at-home” orders lifted in some areas of the country. The full economic effects of the COVID-19 pandemic cannot be quantified in the personal income and outlays estimate because the impacts are generally embedded in source data and cannot be separately identified. For more information,  see Effects of Selected Federal Pandemic Response Programs on Personal Income."

 

Jul 2020 vs Jun 2020 (seasonally adjusted annualized rate)

  • The US Bureau of Economic Analysis reports that US personal income increased $70.5 billion, or 0.4 per cent.
  • US personal disposable income increased $39.9 billion, or 0.2 per cent. 
  • In real per capita terms, US disposable personal income decreased 0.1 per cent.
  • US personal consumption expenditures increased $267.6 billion, or 1.9 per cent.
  • Personal savings (disposable personal income minus personal consumer expenditures, interest paid, and transfers to government and the rest of the world) decreased $230.7 billion, or 6.8 per cent.
  • The personal savings rate was 17.8 per cent of disposable income, down from 19.2 per cent.

 

 

Source: US Bureau of Economic Analysis

Press Release and Table 2.6. Personal Income and Its Disposition, Monthly NIPA



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