The U.S. Commerce Department released personal spending and personal income data on Friday. Personal spending in the U.S. fell 0.1% in July, missing forecasts of a 0.2% gain, after a 0.4% rise in June. That was the first decline since January.

Personal income increased 0.2% in July, missing expectations for a 0.3% rise, after a 0.5% gain in June. June's figure was revised up from a 0.4% increase. That was the smallest monthly gain of this year.

The personal consumption expenditures price index, excluding food and energy, climbed at an annual rate of 1.5% in July. The index is the preferred inflation gauge of the Fed. The Fed's inflation target is 2.0%.

On a monthly basis, the personal consumption expenditures price index, excluding food and energy, rose 0.1% in July.