02:31 PM EDT, 06/28/2024 (MT Newswires) -- Personal income was up 0.5%, above expectations, after a 0.3% gain in the previous month, led by a 0.7% increase in wages and salaries.

Personal consumption expenditures rose by 0.2% in May after a 0.1% increase in April. After an adjustment for a flat reading in the PCE price index, real consumption was up 0.3% in May after a 0.1% decrease in April. The year-over-year rate for the overall price index slowed to 2.6% from 2.7%.

Core PCE prices rose by only 0.1% in the month after 0.3% gains in each of the previous three months, allowing the year-over-year rate to slow to 2.6% from 2.8%.

The Chicago PMI rose to 47.4 in June from 35.4 in May. Other manufacturing data already published have been mixed. The ISM's national index is scheduled to be released on July 1.

The University of Michigan consumer sentiment index for June was revised higher to 68.2 from the preliminary estimate of 65.6 but was below May's reading of 69.1.

Michigan said that one-year inflation expectations slowed from the previous month to 3%, while five-year expectations held steady at that rate.

The Kansas City Fed's services index fell to 2 in June from 11 in May. Other regional services data already released have been mixed. The ISM's national reading is scheduled to be released on July 3.

The Q2 GDPnow estimate from the Atlanta Fed is for a 2.2% gain, revised down from a 2.7% gain reported on Thursday. The next update is scheduled for July 1.

The St. Louis Fed's GDP nowcast estimate for Q2 is for a 0.76% gain, down from 0.80% in the previous estimate.