Personal income, spending, and PCE were close to expectations for the most part in June. Income growth was lower than expected (0.2% vs. 0.4%), and the prior month’s growth rate was revised slightly lower as well. Real spending was up a healthy 0.3%, as expected, and the prior month was revised up 10 basis points to 0.4%. For PCE, the core rate was up 0.2% m/m in June, and the year-over-year rate was slightly higher than expected, holding unchanged at 2.6%. Treasury yields were little changed to start the day following a quiet overnight session, and a modest rally ensued following the release of this morning’s data.
Jason Haley Chief Investment Officer
Date Event Surv(M) Actual Prior Revised 07/26/24 Personal Income 0.40% 0.20% 0.50% 0.40% 07/26/24 Personal Spending 0.30% 0.30% 0.20% 0.40% 07/26/24 Real Personal Spending 0.30% 0.20% 0.30% 0.40% 07/26/24 PCE Price Index MoM 0.10% 0.10% 0.00% — 07/26/24 PCE Price Index YoY 2.50% 2.50% 2.60% — 07/26/24 Core PCE Price Index MoM 0.20% 0.20% 0.10% — 07/26/24 Core PCE Price Index YoY 2.50% 2.60% 2.60% — 07/26/24 U. of Mich. Sentiment 66.5 — 66 — 07/26/24 U. of Mich. Current Conditions 64.4 — 64.1 — 07/26/24 U. of Mich. Expectations 67.5 — 67.2 — 07/26/24 U. of Mich. 1 Yr Inflation 2.90% — 2.90% — 07/26/24 U. of Mich. 5-10 Yr Inflation 2.90% — 2.90% — 07/26/24 Kansas City Fed Services Activity — — 2 —
Jason Haley Chief Investment Officer
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