Personal Spending Unexpectedly Falls

Personal spending unexpectedly declined in July.

The latest personal income and outlays report from the BEA showed that personal spending fell 0.1% in July, missing expectations for spending to rise 0.2%.

Personal income rose 0.2% in July, slightly less than the 0.3% that was expected.

Core PCE, the Fed's preferred measure of inflation, rose 1.5% year-over-year in July. This was in-line with expectations.

More to come ...