U.S. Economic Indicators

Real disposable personal income decreased 5.0% in May, while real personal consumption expenditures (PCE) increased 8.1%. The PCE price index rose 0.1% (up 0.5% Y/Y), and the core price index (excluding food and energy) increased 0.1% (up 1.0% Y/Y). BEA Report

The University of Michigan Consumer Sentiment Index rose 5.8 points to 78.1 in the final June reading but is down 25.9 points from June of last year. The Index of Consumer Expectations rose 6.4 points to 72.3, while the Current Economic Conditions Index rose 4.8 points to 87.1. University of Michigan

U.S. News

The Washington Post reports that cash-starved state and local governments are considering steep tax hikes to help close budget deficits exacerbated by the pandemic, a risky move during an economic crisis that could impede recovery. State and local governments have already been forced to cut spending and lay off employees as revenues plummet, a trend likely to continue in the absence of significant federal support for cities and states. WaPo