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- U.S. consumer spending up 0.3 percent in June
U.S. consumer spending up 0.3 percent in June
The Commerce
Department reported on Tuesday that consumer spending in the U.S. rose 0.3
percent m-o-m in June, following a revised 0.5 percent m-o-m gain in May (originally
a 0.4 percent m-o-m increase). Economists had forecast the reading to show a 0.3
percent m-o-m growth.
Meanwhile,
consumer income climbed 0.4 percent m-o-m in June, the same pace as in the
previous month (revised from +0.5 percent m-o-m). Economists had forecast a 0.4
percent m-o-m advance.
The June
increase in personal income primarily reflected increases in wages and
salaries, government social benefits to persons, and supplements to wages and
salaries.
The personal
consumption expenditures (PCE) price index, excluding the volatile categories
of food and energy, which is the Fed's preferred inflation measure, edged up
0.1 percent m-o-m in June, following a revised 0.1 percent m-o-m advance in the
prior month (originally a 0.2 percent m-o-m gain). Economists had projected the
index would increase 0.2 percent m-o-m.
In the 12
months through June, the core PCE increased 1.4 percent, the same pace as in
the 12 months through May (revised from +1.5 percent m-o-m). Economists had
forecast a gain of 1.7 percent y-o-y.
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