Highlights of the June US personal consumption expenditure report
- Prior was +1.4% (revised to +1.5%)
- PCE core +0.1% vs +0.1% m/m expected
- PCE deflator 1.4% vs +1.3% y/y expected
- PCE deflator 0.0% vs +0.0% m/m expected
Consumers:
- Personal income 0.0% vs +0.4% expected
- Prior personal income +0.4% (revised to +0.3%)
- Personal spending 0.1% vs +0.1% expected
- Prior personal spending +0.1% (revised to +0.2%)
The miss on personal income along with a downward revision stands out in a report that was generally close to expectations.
The market is little changed on the data.
Update: There is talk of some better details within the personal income category. Wage and salary compensation rose 0.4% m/m, in line with expectations. The miss was because things like dividend and interest income were soft.
