Personal income rose in line with expectations, up +0.3% in March. Personal expenditures rose at twice this rate, +0.6%, also expected.
Meanwhile, the personal savings rate slipped to 2.7% of income, from 3% in February.
Looks like the American consumer has, perhaps unfortunately, come full circle:
Personal income increased $36.0 billion, or 0.3 per cent, and disposable personal income (DPI) increased $32.3 billion, or 0.3 per cent, in March, according to the Bureau of Economic Analysis. Personal consumption expenditures (PCE) increased $58.6 billion, or 0.6 per cent. In February, personal income increased $7.1 billion, or 0.1 per cent, DPI increased $4.3 billion, or less than 0.1 per cent, and PCE increased $56.4 billion, or 0.5 per cent, based on revised estimates.
Real disposable income increased 0.2 per cent in March, compared with an increase of less than 0.1 per cent in February. Real PCE increased 0.5 per cent, the same increase as in February.
Personal saving — DPI less personal outlays — was $304.0 billion in March, compared with $332.2 billion in February. Personal saving as a percentage of disposable personal income was 2.7 per cent in March, compared with 3.0 per cent in February.
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