US DATA: March Pers Income +0.4%, PCE +0.3%, Core PCE prices +0.2%
for +2.0% YOY, but this month’s data are already incorporated into GDP.
Income was a little better than anticipated and incl pvt wages +$17.3b
vs +$24.1b in Feb as goods-producing payrolls fell. Supplements, rents,
proprietors’ income, transfers and income receipts all gained. Real PCE
pattern is now +0.3% Jan, +0.5% Feb, and +0.1% Mar, a sort of seesaw
that sets up Q2 for a slow start. Mar savings gained, putting the saving
rate at 3.8%. Bottom line – pretty much as expected, nothing unusual.