Here comes personal income and spending ...

The Department of Commerce will release the latest data on personal income and spending at the bottom of the hour.

The consensus forecast among economists is that, in August, personal income rose 0.4% while personal spending rose 0.3%, both unchanged compared to the prior month.

The data will also include personal consumption expenditures (PCE), which is expected to be flat month-on-month, and at 0.3% year-on-year.

“Core” PCE, which excludes volatile food and energy prices, is estimated at 0.1% month-on-month and 1.3% year-on-year.

In a preview to clients, Wells Fargo’s John Silvia wrote, “While real spending activity has continued to pick up, the rate of saving has also been increasing, reflecting the continued caution exhibited by consumers. The slide in gasoline prices has also helped to support saving and spending behaviour. Disposable income rose 0.4% in July, marking the fourth month in a row of growth.”

“We expect that consumer ´┐╝spending rose 0.3% in August with real spending also growing by 0.3%. The continued growth in consumer spending has been supported by greater full-time job growth and low inflation. We expect these themes to continue through the end of this year.”

We’ll be back with the details at 8:30 a.m. ET.

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