US personal income and spending advance at steady clip in June

Personal income and spending in the States continued advancing at a steady clip in June, amid large revisions to historical data for disposable income and savings.

Incomes were 0.2% higher month-on-month according to the US Department of Commerce, as expected by economists.

Consumer outlays on the other hand increased by another 0.4% over the month, coming in one-tenth of a percentage point ahead of market forecasts.

Price pressures were unchanged from the month before, with the so-called deflator for personal consumer expenditures up by 1.6% year-on-year alongside a rise of 0.9% at the core level, both as expected.

Disposable personal incomes in the US grew by less than 0.1% more than had been estimated for 2013, by an additional 0.8% in 2014 and by 0.9% more in 2015, revised estimates from the government revealed.

The personal savings rate in 2014 was revised up from the initial estimate of 4.8% to 5.6% and that for 2015 from 5.1% to 5.7%.