US personal spending climbs as expected in May

Personal income rose 0.2% in May, while personal spending climbed 0.4%, according to the Commerce Department.

Economists had forecast that personal income rose 0.3% during the month, while personal spending increased 0.4%, according to Bloomberg.

Core personal consumption expenditures — which exclude food and energy costs — rose 0.2% month-on-month, and 1.6% year-on-year.

Lower spending on durable goods dragged overall PCE, while services climbed 2.2%, a level not seen in the last few months.

The core PCE deflator rose 0.9% year-on-year; it was forecast to have gained 1%.

Refresh this page for updates.

NOW WATCH: IKEA is recalling millions of deadly dressers — here’s how to get your refund

NOW WATCH: Money & Markets videos

Want to read a more in-depth view on the trends influencing Australian business and the global economy? BI / Research is designed to help executives and industry leaders understand the major challenges and opportunities for industry, technology, strategy and the economy in the future. Sign up for free at research.businessinsider.com.au.