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Bureau of Economic Analysis data showed that personal income increased $15.0 billion (0.1 percent), and disposable personal income (DPI) increased $12.5 billion (0.1 percent) in August. Personal consumption expenditures (PCE) increased $57.2 billion (0.5 percent). Real (inflation-adjusted) DPI decreased 0.3 percent while real PCE increased 0.1 percent.
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The Census Bureau reported that consumers increased
spending on retail goods during August (0.9 percent, seasonally adjusted). Excluding auto and gasoline sales, however, retail spending among other categories either declined or saw little gain.
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Total
consumer debt outstanding jumped by a seasonally adjusted $18.1 billion (8.0 percent annualized). Revolving (mostly credit card) debt increased by $4.2 billion (5.9 percent annualized), while non-revolving debt (mainly student and auto loans) increased by $13.9 billion (9.0 percent annualized). In August federal student loans comprised more than three-quarters of the increase in non-revolving debt.
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The most prominent feature of the last two charts is the December 2010 spike. The Federal Reserve in September
revised data from December 2010 onward, but not prior data. That discontinuity in the series has created a firestorm of
criticism.
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