Personal income resumes downward trend, falling 1.3 percent in June

Back to reality. A month after a one-time stimulus payment to social security recipients boosted income, personal income resumed its recent downtrend in June, falling 1.3 percent, the U.S. Commerce Department announced Tuesday.

Meanwhile, real consumer spending also fell 0.1 percent in June, its third decline in the past four months. Further, the savings rate also dipped, but remained at a high rate, falling to 4.6 percent in June from its record 6.2 percent pace in May.

Economists surveyed by Bloomberg News had expected personal income to fall 1.1 percent in June.