- Personal income and spending rise less than expected in July.
- The spending price index falls unexpectedly.
- The dollar retreats after the figures.
The personal income and expense report showed figures below expectations in all its indicators. The entry in July it rose 0.2% below the 0.6% expected and less than the 0.7% increase in June (revised from 0.6%). The personal spending it was up 0.1%, lower than the 0.4% market consensus, and lower than June’s 1% rise (revised from 1.1%).
The personal consumption expenditure price index fell 0.1% in July, while a rise of 0.6% was expected. The underlying price index for personal consumption spending rose 0.1%, lower than the 0.3% expected and the 0.6% in June; with respect to a year ago the rise was 4.6%, a decrease with respect to the 4.8% of the previous month.
The dollar fell across the market after the report on lower inflation. The final data on consumer confidence from the University of Michigan for August will be published later. The focus is on the speech by Jerome Powell, the chairman of the Federal Reserve.
Source: Fx Street
With 6 years of experience, I bring to the table captivating and informative writing in the world news category. My expertise covers a range of industries, including tourism, technology, forex and stocks. From brief social media posts to in-depth articles, I am dedicated to creating compelling content for various platforms.
