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%.

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