Personal income rose an expected 0.6% during June following an unrevised 0.4% increase in May. Earlier data reflected benchmark revision.

Wage & salary disbursements jumped 0.6% (6.9% y/y) in June following an unrevised no change the prior month. Strength was led by a 0.7% (7.9% y/y increase in private service-producing industry wages. Factory sector wages rose 0.3% (5.1% y/y) after an upwardly revised no change during May while earlier figures generally were revised up.

Higher interest rates boosted interest income by 1.7% (10.1% y/y) and dividend income jumped 1.0% (11.2% y/y).

Disposable personal income increased 0.6% (5.3% y/y) after a 0.4% rise in May. Personal taxes rose 1.0% (15.4% y/y).

Adjusted for price inflation, disposable personal income rose 0.4% (1.7% y/y) after an unrevised slight decline in May. Real disposable income per capita rose 0.3% (0.8% y/y).

Personal consumption again matched Consensus expectations for a 0.4% rise after an upwardly revised 0.6% May rise. Adjusted for price inflation spending rose 0.2% (2.6% y/y) for the third straight month.

The PCE chain price index rose an expected 0.2%. Less food & energy prices rose 0.2% (2.4% y/y). The expected increase was the fifth in the last six months.

The personal savings rate was again negative. Should the Decline in the Personal Saving Rate Be a Cause for Concern? from the Federal Reserve Bank of Kansas City is available here.

The Anxious Index, a measure of the probability of a recession in the U.S. economy, from the Federal Reserve Bank of Philadelphia is available here.