Keeping you up to date on the latest data releases.
- Personal Income
Nominal personal income rose 0.3 percent (nonannualized) in March, following a slight 0.1 percent gain in February. The 12-month growth rate in personal income climbed up 0.8 percentage points (pp) to 3.0 percent in March, its highest growth rate since August 2008. Disposable personal income (personal income less current taxes) rose 0.3 percent during the month, an essentially flat reading in February and a slight dip in January (down 0.2 percent). Even with the uptick in disposable income, the personal savings rate (as a percentage of disposable income) slipped down another 0.3 pp in March, continuing to edge away from its May 2009 peak of 6.4 percent. Nominal personal consumption expenditures outpaced income growth in March, jumping up 0.6 percent, following an upwardly revised 0.5 percent gain in February. After adjusting for price effects, real consumption was almost as strong, rising 0.5 percent in March. The 3-month annualized growth rate in real consumption is now up 4.7 percent, an indicator of near-term strength given its 12-month growth rate of 2.4 percent.