US personal income and consumer spending probably reaccelerated in July

Powered by a projected pickup in private wage and salary disbursements, US personal income likely expended by 0.5% in July - the largest one-month rise since last November. The pace of nominal consumer spending probably matched that of income growth during the reference period, after a modest 0.2% uptick in June. After adjusting for reported upticks in retail goods and services costs during the reference period, real personal consumption expenditures (PCE) are expected to post a solid 0.4% gain, following no change in the prior month. 

"Including anticipated upward adjustments to previously reported figures for May and June, our forecast would place real PCE in July 2.2% annualized above its spring-quarter average, requiring a pair of easily achievable 0.2% upticks in August and September to hit the 3.0% mark", notes Societe Generale.