Stocks were set for a lower start Friday after posting positive gains yesterday.
The Commerce Department reported that May personal income surged 1.4%, which was much higher than expectations. Income was expected to have risen 0.3% after rising 0.5% in April. Personal spending also rose 0.3% in May, matching expectations, after a 0.1% decline in April. The PCE deflator, the report’s inflation component, edged up 0.1%, matching expectations after rising 0.3% in April.
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