PERSONAL SPENDING UNEXPECTEDLY FALLS

The April personal income and spending numbers are out, and they’re mixed.

Spending unexpectedly fell by 0.1%, missing estimates for a 0.2% gain.

Income climbed by 0.3%, which was right in line with expectations.

Because income outpaced spending, the personal saving rate climbed to 4.0% from 3.6% a month ago.

Core PCE, the Fed’s favourite measure of inflation, increased by 0.2% month-over-month in April or 1.4% year-over-year. This was right in line with expectations.

Here’s a breakdown of what moved up and down during the measuring period.

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