Personal income was flat in June, versus the forecast for a 0.2% increase. May’s 0.4% increase was revised down to a 0.3% gain. Personal spending was also unchanged in June, compared to expectations of a 0.1% rise.
The PCE Price Index, was up 1.4% year over year in June, slightly above the consensus forecast of a 1.3% increase. The core PCE Price Index, which excludes food and energy, was flat month-over-month.
Factory orders declined by 1.2% month over month in June, more than the decrease of 0.5% that economists had expected, and May’s drop was revised lower, from a 1.4% decline to a 1.8% fall.
Pending home sales posted a surprising decline, dropping 2.6% in June, compared to the gain of 4.0% that economists were anticipating.
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The Dow Jones Industrial Average fell 38 points (0.4%) to close at 10,636, while the S&P 500 Index lost 5 points (0.5%) to finish at 1,120, and the Nasdaq Composite declined 12 points (0.5%) to 2,284. Crude oil rose $1.21 to $82.55 per barrel, and the Bloomberg gold spot price gained $3.70 to $1,186.55 per ounce.
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