Personal income edged up just 0.1%, well below forecasts; consumer spending shows expected rebound.
August 30, 2004: 8:36 AM EDT
NEW YORK (CNN/Money) - Personal income posted a much weaker-than-expected gain in July, according to a government report Monday, but spending by consumers rebounded after a disappointing showing in June.
The Commerce Department said Americans' personal incomes rose 0.1 percent in July, compared with the 0.2 percent gain in June. But economists surveyed by Briefing.com had forecast an increase of 0.5 percent.
The report also showed spending by individuals jumped 0.8 percent in the month, compared to a revised 0.2 percent decline posted in June. Economists' forecast was for a 0.7 percent gain.
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