The number of Americans filing new claims for unemployment benefits fell slightly last week. Meanwhile, separate data showed consumer spending increased 0.3 percent last month.
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.