US personal income up 0.1%, spending up 0.5%

Not good for the savings rate, but good in terms of consumer spending.

The core personal consumption expenditure price index (the Fed’s favorite inflation measure) held steady at 1.4% in January.

The US savings rate fell to 3.3% in January, the lowest since the Lehman bankruptcy. Perhaps this is a sign that the US consumer is on the way back…

Relatively minor data like this will not move the dollar today as there are much bigger fish to be fried by the market (like the pound!).