US DATA: Mar Personal Income +0.5%, PCE +0.6% and PCE core px +0.1%, all
already included in the Q1 GDP computation and thus useless as mkt info.
Pvt wages +$18b vs +$23.9b in Feb, as mfg payrolls rose & services wages
gained at 1/2 the Feb pace. Supplements, proprietors’ income, rents,
income receipts, and transfers rose. Monthly savings rate was 5.5%, the
same as in Feb and still elevated. Real spending sawtooths to a low note
in Mar (+0.2%), implying slow momentum into Q2. Feb wages were revised
higher and savings down in perhaps another interesting pattern. Commerce
Dept. said there was “nothing unusual” in the report.