Increase seen in U.S. personal income, expenditure during June to surpass projections
(MENAFN) On Friday, Jul. 30 Department of Commerce reported that personal income and expenditure in the US surged in June to beat market expectations.
During June, personal income jumped USD26.1 billion, or 0.1 percent, from May, whereas personal expenditure climbed USD155.4 billion, or 1 percent.
Market estimate for personal income was a drop of 0.3 percent in the cited month, while it plunged 2.2 percent during May. Expectation for personal expenditure was a rise of 0.7 percent in June, while it declined 0.1 percent in the previous month.
The personal consumption expenditures (PCE) price index, the Federal Reserve’s favored inflation gauge, surged 0.5 percent during June. Core PCE index, ruling out food and energy, jumped 0.4 percent from the May. Year-on-year, they soared 4 percent and 3.5 percent, each.
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