March Personal Income & Consumer Spending Tick Up
Personal income rose 0.3% MoM vs. 0.4% consensus and 0% prior reading. On YoY level the personal income is up 3%, but most of the increase comes due the low base effects.
Consumer spending rose 0.6% MoM vs. 0.6% consensus and 0.3% prior reading. On YoY level the consumer spending is up 2.9%.
The data was close to the consensus and definitely not impressive, so I don’t understand the market reaction yesterday.
Chart 1. Personal Income
Source: Blytic.com
Chart 2. Consumer Spending
Source: Blytic.com