Updated:
Original:

Spending up in June, increased job losses in July

Consumer spending increased 0.6 percent in June, even though disposable income fell 1.9 percent. Meanwhile, the unemployment rate climbed to 5.7 percent in July.

Personal consumption expenditures increased $57.1 billion in June, according to a report released today by the U.S. Department of Commerce. This compares to a 0.8 percent increase in May.

Personal income increased $6.8 billion, or 0.1 percent, and disposable personal income decreased $210.3 billion, or 1.9 percent, in June. In May, personal income rose $219.3 billion, or 1.8 percent, and DPI increased $595.4 billion, or 5.7 percent.

In April, May, and June, changes in disposable personal income were affected by the Economic Stimulus Act of 2008. The federal government issued rebate payments of $1.9 billion in April, $48.1 billion in May, and $27.9 billion in June. These rebates increased government social benefit payments and reduced personal taxes.

Excluding these rebate payments, DPI increased $32.4 billion, or 0.3 percent, in June, after increasing $41.7 billion, or 0.4 percent, in May.

On Friday, the U.S. Department of Labor reported a 0.2 percent rise in the unemployment rate for July, with 51,000 jobs lost last month. Thus far in 2008, payroll employment has fallen by 463,000. During the last 12 months, the number of unemployed persons has increased by 1.6 million, and the unemployment rate has risen by 1 percent.

Employment continued to fall in construction, manufacturing and several service-providing industries, while health care and mining continued to add jobs. Manufacturing employment fell by 35,000 in July, bringing losses over the last 12 months to 383,000.

Related

‘A Phenomenal Success’

The Southampton International Boat Show had more than 88,000 visitors during its 10-day run, after last year’s cancellation.

TopSide Marinas Makes First Two Acquisitions

Founded in January 2020, the firm has thus far acquired Beavers Bend Marina in Oklahoma and Galveston Yacht Basin in Texas.

Two Boosts for Boating and Fishing

MBIA’s Metro Boat show show draws a crowd, and the U.S. Fish and Wildlife Service expands boating and fishing opportunities.

Norwalk Boat Show Held This Weekend

The NMMA show runs through Sunday at Norwalk Cove Marina in Norwalk, Conn.

Raritan Expands Team

Patrick McNeel joins the New Jersey-based manufacturer as a marine equipment product developer.

Industry Mourns Walter “Bing” Burns O’Meara

The longtime publisher of Lakeland Boating magazine has died at 81.

NMMA Announces Hall of Fame Inductees

Regulator Marine’s Joan Maxwell and Bill Watters of Syntec Industries will be honored at IBEX.

Brunswick Acquires SemahTronix

The supplier of wiring harnesses and other electrical assemblies will be part of Brunswick’s growing Advanced Systems Group.