Personal income rose 0.5% in June, up from an upwardly revised 0.3% (from 0.2%) in May. The Briefing.com consensus expected personal income to increase 0.4%. Personal spending growth was flat in June after declining 0.1% in May. The consensus expected spending levels to increase 0.1%.
The personal income and spending data were already released in aggregate form in the second quarter GDP report. The only “new” data are the revisions to April and May growth levels and how they affected the June result. The personal savings rate increased from 4.0% in May to 4.4% in June. That is the highest monthly savings rate since June 2011 when it reached 4.7%.






