Echoing April's data, Personal Income rose more than expected in May and Personal Spending rose less than expected.
Income rose 0.5% MoM (better than the 0.3% MoM expected)
Spending rose 0.3% MoM (worse than the 0.5% MoM expected)
On a YoY basis, Americans lived beyond their means for the 4th consecutive month as incomes grew 4.1% and spending rose 4.2%...
On the income side, government wages growth slowed modestly in May as Private worker wages grew faster...
Which leaves the savings rate hovering at 6 year lows...
Finally, we note that the Core PCE Deflator rose 1.6% YoY in May (hotter than expected but modestly lower than in April) - this is noteworthy since it is allegedly The Fed's most-watched inflation indicator.
Not exactly inspiring for any avoiding of a rate-cut.