Highlights
Personal income rose 0.2% in May while spending, held back by weak demand for autos, was unchanged -- both soft readings that point to a mild slowing in economic growth.

Price readings were quiet: The PCE deflator (closely watched at the Federal Reserve) was unchanged, down from two straight monthly gains of 0.4%, while the core PCE deflator was up 0.2% in the month and 1.6% on the year, right in line with its modest year-long trend.

On the income side, wages & salaries were up only 0.1%, but the result is more favorable when averaged in with last month's 0.7% jump. On the spending side, durable goods dropped 2.0% reflecting weakness in auto spending. Despite the trouble, real expenditures are up a respectable 2.4% in April and May compared with the first-quarter when they rose at a 3.6% pace. The savings rate inched one tenth higher in the month to a paltry 0.6%.

Markets showed no reaction to the data, which nevertheless point to a slowing rate of economic growth. The markets could get a bigger jolt out of the Chicago purchasers report at 10:00 ET.