The numbers are up MoM, but, based on other BEA analysis, the seasonal adjustment factors are likely slightly off. Evidence of this is the noise (variations) MoM in the data.
The only newsworthy blip in the personal income came when reviewing the chained dollar data for personal expenditures for services – it showed a contraction.
Personal Income and Expenditures both rose 0.2% MoM (chained dollars and seasonally adjusted) for the month of August 2010. This is seasonally adjusted and is very noisy indicating the seasonal adjustment factors are suspect.
Personal Income rose in July 2010 but the up trend for Personal Expenditures remains stronger than for Personal Income.