US personal spending jumps 1.1% in June, above market estimate

US personal spending jumps 1.1% in June, above market estimate

Personal income increases 0.6% more than market expectation

By Ovunc Kutlu

ANKARA (AA) – Personal consumption expenditures in the US increased 1.1% from the previous month to reach $181.1 billion in June, according to data released by the Commerce Department’s Bureau of Economic Analysis on Friday.

While the market expectation was a gain of 0.9%, the latest data is a significant jump from the previous month when the monthly figure rose just 0.3%.

"Within goods, gasoline and other energy goods was the leading contributor to the increase. Within services, the largest contributors to the increase were spending for health care and for housing and utilities," the department said in a statement.

Personal income increased 0.6% from the previous month to $133.5 billion in June, also coming above the market expectation of a 0.5% increase.

The figure rose 0.6% in May as well.

"The increase in current-dollar personal income in June primarily reflected increases in compensation, led by private wages and salaries, and proprietors' income," the statement said.

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