NICE: Personal Income Jumps And Beats Expectations

The May reading of personal income and spending is out, and it looks good.

Income jumped 0.5%, beating expectations for a 0.2% gain.

Spending climbed 0.3%, which was right in line with expectations.

The personal saving rate — personal saving as a percentage of disposable personal income —climbed to 3.2% from 3.0% in April.

Overall, this is a positive report as the numbers show Americans are saving more even as they are increasingly spending.

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