Summary

• May’s economic data tells a story that sounds good on the surface but gets more complicated the closer you look.
• The PCE price index rose 0.4 percent from April and sits 4.1 percent above where it was a year ago.
• Households are keeping up their spending, just not from a position of strength.

May’s economic data tells a story that sounds good on the surface but gets more complicated the closer you look. The Bureau of Economic Analysis (BEA) released its report Friday showing personal income climbed 0.7 percent last month, adding $181.6