Consumer spending for the month increased 0.4% to a $7.069 trillion annual rate. Leading the figures was consumer spending on durable goods -- items such as refrigerators and autos intended to last three or more years - which rose 1.5%. Income growth in June slowed from recent months. For the month, income increased 0.3% to an $8.745 trillion rate.
The personal saving rate, which measures saving as a percentage of disposable income, dipped to 1.1% in June from an upwardly revised 1.2% in May. The May saving rate was previously reported as a 1.1% decline, but annual revisions swung that figure into the plus column.
The data were stronger than Wall Street expected.