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US DATA: June Personal Income -1.1%; PCE +5.6%

MNI (Washington)
  • U.S. personal income fell 1.1% in June, the Bureau of Economic Analysis said Thursday, far below market expectations for a 0.5% decline though still up markedly from May's 4.4% decrease.
  • That decline was primarily driven by a decrease in government spending as stimulus from the government was muted relative to May. Partially offsetting that was an increase in compensation to employees as states continued to reopen. Unemployment benefits also increased in June, the BEA said.
  • PCE increased 5.6% in June, slightly higher than expected (+5.5%) as spending on clothing and footwear, heath care, and food and accommodation services increased.
  • The PCE price index rose 0.4% after a 0.1% increase in May. Excluding food and energy, the PCE price index was up 0.9%, slightly lower than May's 1.0% though much higher than forecasts for a 0.2% gain.
  • Disposable personal income was up 1.8% in June.
MNI Washington Bureau | +1 202-371-2121 | brooke.migdon@marketnews.com
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