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.

Consumers:

  • 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.