Highlights of the April PCE report
- Prior was +0.2% m/m
- Core y/y 1.8% vs +1.8% exp
- Prior core y/y 1.9% (revised to 1.8%)
- PCE deflator +0.2% vs +0.2% expected
- PCE deflator y/y +2.0% vs +2.0% expected
Income/spending
- Personal income +0.3% vs +0.3% expected
- Prior personal income +0.3% (revised to +0.2%)
- Personal spending +0.6% vs +0.4% expected
- Real personal spending +0.4% vs +0.2% expected
There isn't much to get excited about here. The core was a bit higher on the m/m but the y/y reading was in-line with a negative revision. In terms of the income/spending side of the report , income still doesn't show any real sign of wage growth, especially with the negative revision to the March data point.
