The U.S. Commerce Department’s Bureau of Economic Analysis has released personal income and outlays for July 2010.

Personal income increased 0.2 percent in July, which is what the private-sector predicted would happen. However, real disposable income decreased by 0.1 percent. The analysis also showed that real personal consumption expenditures increased 0.2 percent in July and at a 1.3 percent annual rate from their second-quarter average.

"Consumer spending adjusted for inflation continues to increase at a moderate pace," said U.S. Commerce Under Secretary for Economic Affairs Rebecca Blank. "These data suggest that the economy continues to grow, as consumer spending accounts for 70 percent of GDP. While the economy is growing at a slower pace than we would like, the Obama administration continues to push for policies that support further economic growth and job creation."