03:02 PM EDT, 07/31/2025 (MT Newswires) -- Personal income was up 0.3% in June, lifted by gains in wages and salaries, proprietors' income, and current transfer receipts that were offset by a decline in rental income and no change in return on assets.

Personal consumption expenditures rose by 0.3% in June after a flat reading in May, lifted by gains in both goods and services spending.

After an adjustment for a 0.3% increase in the PCE price index, real consumption was up 0.1% in June after a 0.2% decrease in May. The year-over-year rate for the overall price index accelerated to 2.6% from 2.4%

Core PCE prices rose by 0.3% in the month after a 0.2% gain, while the year-over-year rate remained at 2.8%.

Challenger, Gray & Christmas reported 62,075 layoff intentions in July, up from 47,999 in June and led by the technology sector.

"We are seeing the Federal budget cuts implemented by DOGE impact non-profits and healthcare in addition to the government," said Andrew Challenger, the company's senior vice president. "AI was cited for over 10,000 cuts last month, and tariff concerns have impacted nearly 6,000 jobs this year."

The employment cost index rose by 0.9% in Q2, the same as in the previous quarter, reflecting a 1% increase in wages and a 0.7% gain in benefits costs.

The Chicago PMI rose to 47.1 in July from 40.4 in June, still indicating contraction. The ISM's national index is due to be released on Friday.

The initial Q3 GDPnow estimate from the Atlanta Fed is for a 2.3% gain. The next estimate is scheduled for Friday.

Initial jobless claims increased by 1,000 to 218,000 in the week ended July 26 after declines in the previous six weeks. However, the four-week moving average declined by 3,500 to 221,000, a sixth straight decrease.

Insured claims held steady at a level of 1.946 million in the week ended July 19.

Natural gas stocks rose by 48 billion cubic feet to 3.123 trillion cubic feet in the week ended July 25, down 3.8% from a year earlier but 6.7% higher than the seasonal average for the current week over the previous five years.