The Personal Income and Outlays Report from the BEA shows Real DPI increased 0.2 percent in July and Real PCE increased 0.2 percent.
The PCE price index increased 0.1 percent. Excluding food and energy, the PCE price index increased 0.1 percent.
Personal Income and Outlays
This report is consistent with GDP near two percent which is where its been averaging for some time. Bond yields moved slightly lower.
The Fed will not appreciate the PCE price index trending lower nearly every month since March.
Mike “Mish” Shedlock