June was a pretty good month for incomes, spending, and inflation according to the latest BEA Personal Income and Outlays report… (Bureau of Economic Analysis)
Incomes were up slightly…
- Personal income increased $26.1 billion in June. This was a 0.1% increase from May
- While the increase was small, it was made more impressive when you realize the gain was entirely a result of the private sector. Government social benefits decreased 2.6% in June with a 0.7% increase in private wages and salaries of
Spending was up as well…
- Personal outlays increased $158.7 billion in June. This was a 0.9% increase from May.
Inflation remains high but the pace did not increase…
- Real PCE increased 0.5% in June which is the same pace we saw in May. However, on a yearly basis PCE excluding good energy was up to 3.5% from 3.4% in May.
NOTE: Personal Savings fell 9.4% from May and is down 71% from the high in March. However, it does remain elevated from pre-pandemic levels.