US personal income and spending for June come in ahead of forecasts

Americans continued splashing out last month as income growth surprised to the upside.

Price pressures meanwhile leveled off unexpectedly.

According to the Department of Commerce, personal incomes edged up by 0.1% month-on-month (consensus: -0.6%).

Personal spending jumped by 1.0% on the month alongside (consensus: 0.6%).

In parallel, the price deflator for personal consumption expenditures was unchanged at up by 4.0% year-on-year (consensus: 4.1%).

The core PCE index picked up from 3.4% in May to 3.5% for June (consensus: 3.7%).

Among the most noteworthy revisions to prior months' data, May's increase in personal consumption expenditures was marked up from a preliminary reading of 0.9% to 1.1%.