The U.S. December personal income printed down 0.2%, personal consumption expenditures dropped 1.0%, and core PCE prices were flat.
Private wages and salaries fell $23.5 billion after a $12.1 billion decline in November. Most sectors fell; the only gains were in government salaries.
Real PCE has now dropped every month since August, led by falling purchases of durable goods. The string of six months of decline in real spending was a first since 1959 when monthly records began.
— Market News International
