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Bureau of Economic Analysis data showed that personal income increased $61.8 billion (0.5 percent), and disposable personal income (DPI) increased $52.4 billion (0.4 percent) in June. Personal consumption expenditures (PCE) decreased $1.3 billion (less than 0.1 percent). Real (inflation-adjusted) DPI increased 0.3 percent while real PCE decreased 0.1 percent.
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Consumers decreased
spending on retail goods for the third month in a row during June (0.5 percent, seasonally adjusted), the first time that has happened since autumn 2008. Excluding sales at gas stations, retail spending fell 0.3 percent from May to June.
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Total
consumer debt outstanding rose by a seasonally adjusted $6.5 billion (3.0 percent annualized). Revolving (mostly credit card) debt decreased by $3.7 billion (5.1 percent annualized), while non-revolving debt (mainly student and auto loans) increased by $10.2 billion (7.2 percent annualized). In June, federal student loans comprised nearly 92 percent of the increase in non-revolving debt.
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