The April 2019 personal income and spending report:
- Prior was +1.6% (revised to +1.5%)
- PCE core m/m +0.2% vs +0.2% expected
- Prior m/m 0.0% (revised to +0.1%)
- Deflator +1.5% y/y vs +1.6% expected
- Prior deflator +1.5% y/y (revised to +1.4%)
- Deflator m/m+0.3% vs +0.3% expected
- Prior m/m +0.2%
The tone is generally soft but not as soft as feared after yesterday’s GDP report.
- Personal income +0.5% vs +0.3% expected
- Prior personal income +0.1%
- Personal spending +0.3% vs +0.2% expected
- Prior personal spending +0.9% (revised to +1.1%)
There is some good news here as the consumer backs up recent data showing stronger confidence with some spending. That’s undoubtedly helped by lower interest rates.