U.S. consumer spending slowed in June, according to a report released on Tuesday.
The Commerce Department said consumer spending, which accounts for more than two-thirds of U.S. economic activity, rose 0.4% last month, in line with forecasts.
May’s reading was revised up to a 0.5% increase from the initial 0.2% advance.
The Federal Reserve's preferred inflation measure, the personal consumption expenditures (PCE) price index, excluding food and energy, rose 0.1% in June from the prior month.
That matched expectations although it was slower that May’s 0.2% advance.
The so-called core PCE increased 1.9% in the 12 months through June, below analyst estimates for a 2.0% rise while matching the downwardly revised gain seen in May.
Personal income rose 0.4% last month, matching forecasts and the increase seen in May