Real PCE rose 0.4% in June as personal income grew 0.2%. The PCE price index fell 0.1% month-on-month; core PCE rose 0.1%. The saving rate was 2.7%.
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Personal income rose 0.2% in June, the Bureau of Economic Analysis said Friday. Disposable personal income increased by the same margin, while personal consumption expenditures climbed 0.3%.
Adjusted for inflation, real PCE grew 0.4% in the month. The PCE price index, the Federal Reserve's preferred inflation gauge, fell 0.1% from May. Excluding food and energy, the core PCE price index rose 0.1%.
From a year earlier, the headline PCE price index was up 3.7%. Core PCE ran at 3.3%, still above the Fed's 2% target.
The personal saving rate slipped to 2.7% from a revised 2.8% in May. Personal saving totaled $646.1 billion.
The June income gain reflected increases in compensation, personal income receipts on assets, and government social benefits, which were partly offset by a drop in farm proprietors' income, the BEA said.
Spending on services rose $58.2 billion, while spending on goods increased $7 billion.
The BEA also revised April and May data to reflect updated Bureau of Labor Statistics employment data. Revisions to government social benefits were led by Medicaid benefits, the agency said.
The next release, covering July data, is scheduled for August 26.
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