Consumer spending rose 0.3% in June as inflation cooled

Macro
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Summary · why it matters

Personal consumption expenditures increased $65.2 billion, or 0.3%, in June, the Bureau of Economic Analysis reported Thursday. The gain was driven by a $58.2 billion rise in services spending and a $7.0 billion increase in goods spending. Personal income climbed $54.9 billion, or 0.2%, while the personal saving rate stood at 2.7%. The PCE price index fell 0.1% from May, and the core PCE price index, which excludes food and energy, edged up 0.1%. Compared with a year earlier, the overall PCE price index was up 3.7% and the core index rose 3.3%.

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