(MENAFN) Department of Commerce showed that personal profits and spending in the US increased in June to beat market expectations.
Personal profits rose USD26.1 billion, or 0.1 percent, from the last month, as personal spending increased USD155.4 billion, or 1 percent.
Market expectation for personal income was low 0.3 percent in last month, as it fell 2.2 percent in May. Estimate for personal spending was high of 0.7% in June, as it dropped 0.1 percent in May.
The personal consumption expenditures (PCE) price index, the Federal Reserve’s preferred inflation indicator, increased 0.5 percent in June. Core PCE index, excluding food and energy, increased 0.4 percent from June. annual, they increased 4 percent and 3.5 percent, respectively.
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