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With personal spending in the U.S. rising at a faster rate than personal income in the month of June, the Commerce Department released a report on Friday showing a notable drop in the personal savings rate.
The report said personal spending increased by 0.5 percent in June after edging up by 0.2 percent in May. The increase in spending exceeded economist estimates for a 0.4 percent increase.
Additionally, the Commerce Department said personal income rose by 0.3 percent in June following a 0.4 percent increase in May. Economists had expected income to increase by 0.4 percent.
With spending rising at a faster rate than income, personal saving as a percentage of disposable personal income dropped to 4.4 percent in June from 4.6 percent in May.
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