Personal income rises more than expected in June

Personal income rose more than expected in June, and spending came in just in line with estimates.

Personal income rose 0.4% (0.3% estimated) and personal spending rose 0.2%.

The data for May was revised down, with personal spending up 0.7% (0.9% prior) and personal income up 0.4% (0.5% prior).

The data on personal income comes after the employment cost index showed Friday that during the second quarter, wages grew at the slowest pace on record - 0.2%.

In the prior data release, the 0.9% jump in spending was a near-six-year high. And although revised down today, consumer spending remains strong after a weaker-than-expected first quarter.

Core personal consumption expenditures rose 0.2% month-over-month (0.1% estimated).

More to come ...