US family spending, income goes up

Washington, Aug 3 (IANS) US family income continued to rise in June and boosted their spending, a positive sign for economic recovery, US Commerce Department said.

US personal income rose 0.3 percent in June, after a 0.4 percent gain in May, said the department Friday.

Personal consumption expenditures rose 0.5 percent in June, after an increase of 0.2 percent in May, Xinhua reported.

US savings rate, personal saving as a percentage of disposable personal income, edged down to 4.4 percent in June from 4.6 percent in the previous month, but remained well above the 2.1 percent average savings rate for all of 2007 before the financial crisis.


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