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Free AccessMNI DATA ANALYSIS: US Pers Income Up Flat In June, PCE +0.1%>
--Core PCE Prices +0.1%, As Expected; Y/Y Rate +1.5% Vs 1.5% May
--Overall PCE Prices Flat; +1.4% Y/Y Vs +1.5% In May
By Sara Haire, Kevin Kastner and Holly Stokes
WASHINGTON (MNI) - Personal income was unchanged in June, while
nominal PCE was up 0.1%, and the core PCE price index posted another
modest 0.1% gain, data released by the Commerce Department Tuesday
morning showed.
The flat reading for personal income was far weaker than the 0.4%
gain expected, but the readings for nominal PCE and the core price index
were right on analyst expectations of gains of 0.1% in an MNI survey.
The core PCE price index's 1.5% year/year rise was the same as in
May after an upward revision from 1.4%. The last time the year/year rate
was lower was in December 2015, when it was 1.4%.
The overall PCE price index was flat in June, as energy prices
posted a 1.7% decrease. The year/year rate for overall prices fell to
1.4% from 1.5% in May, the lowest since September 2016.
The 0.1% gain in current dollar PCE reflected a strong 0.3% rise in
services that was able to offset a 0.4% decline in total goods spending.
Durable goods PCE fell 0.4%, while nondurable goods spending fell 0.4%.
Real PCE was flat in June, with real spending on durable goods down
0.1% after inflation adjustment. Nondurables spending saw a 0.2%
decline, while services spending was able to offset the decline in goods
with a 0.1% gain.
Wages and salaries saw a bump up of 0.4% as payrolls grew strongly,
but the other income components were mixed, with proprietors' income and
personal income on assets down while rental income and personal current
transfer receipts up.
Disposable personal income saw a flat reading for the month, while
real disposable income was down 0.1%.
** MNI Washington Bureau: 202-371-2121 **
[TOPICS: MAUDS$,MT$$$$,M$U$$$,MAUDR$]
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.