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Personal income rises more than expected in June
(Sandy Huffaker/Getty Images)
Personal income rose more than expected in June, and spending came in just in line with estimates.
Personal income rose 0.4% (0.3% estimated) and personal spending rose 0.2%.
The data for May was revised down, with personal spending up 0.7% (0.9% prior) and personal income up 0.4% (0.5% prior).
The data on personal income comes after the employment cost index showed Friday that during the second quarter, wages grew at the slowest pace on record – 0.2%.
In the prior data release, the 0.9% jump in spending was a near-six-year high. And although revised down today, consumer spending remains strong after a weaker-than-expected first quarter. Disposable income rose $60.5 billion, or 0.5%, the Bureau of Economic Analysis said.
Core personal consumption expenditures rose 0.2% month-over-month (0.1% estimated).
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