At 8:30 AM ET, we’ll get the April reading of personal income and spending.
Economists expect income to climb by 0.1% from a month ago while spending remains unchanged.
“The headline consumer spending data for April are likely to be weak, with nominal spending held down by a plunge in gasoline prices and a weather-related decline in utilities usage,” said High Frequency Economics’ Jim O’Sullivan.
“Personal income will likely also look weak in April, held down by the drop in the workweek in the employment report, although the trend looks stronger now following revisions released yesterday,” he added.
“The slowing is helping the case of Fed officials arguing against tapering.”
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