Americans made and spent more in July

Personal income and spending rose as expected in July, according to the latest report from the BEA.

Income rose 0.4% in July while spending ticked up 0.3%.

Expectations were for the report to show income and spending both rose 0.4% in July.

This report follows Thursday's second estimate of second quarter GDP, which indicated that personal spending rose at a rate of 3.1% in the quarter, better than expected by economists.

Friday's report also included the latest personal consumption expenditures reading, a measure of inflation that on a "core" basis - which excludes the more volatile cost of food and gas - rose 1.2% in July. Expectations were for core PCE to rise 1.3%.

More to come ...