US personal income and personal spending for the month of June 2020
- Personal spending 5.6% vs. 5.2% estimate. Prior month revised to 8.5% from 8.2%
- Personal income -1.1% vs. -0.6% estimate. Prior month revised to -4.4% from -4.2%
- Real personal spending 5.2% vs. 5.0% estimate. Prior month revised to a .4% from 8.1%
- PCE deflator month-to-month 0.4% vs. 0.4% estimate. Prior month 0.1%
- PCE deflator year on year 0.8% vs. 0.9% estimate. Prior month 0.5%
- PCE core deflator 0.2% vs. 0.2% estimate. Prior month revised higher to 0.2% from 0.1%
- PCE core deflator year on year 0.9% vs. 1.0% estimate. Prior month 1.0%
Personal spending continue to expand in June after the sharp may rebound. The spending fell by -12.6% in the month of April. The released today included annual visions. The income data fell as one-time stimulus $1200 check along with the $600 emergency weekly unemployment benefits. Of course those 2 measures are being debated in the newest coronavirus relief bill. The Dems rejected the GOP temporary $600 extension for the next week until the larger deal can be hammered out. The emergency weekly benefits are set to expire today. The Republican plan has proposed a reduction from $600 to $200. The expectations are for a another $1200 one time stimulus check to qualified people.
