Traders finally had something to cheer about this morning after yesterday’s grisly sell-off. Personal income and spending both topped expectations.
Income came in at 1.9%, up from 0.4% the month prior and ahead of the 0.4% estimate. Spending, meanwhile, came in at 0.8%, double last month’s 0.4% and slightly above the 0.7% estimate.
Inflation was lower than forecast and remained at 0.1% against the estimate of 0.2%. The spending increase was the largest since November and is thought to be attributable to a temporary bounce from rebate checks.
Graph courtesy Briefing.com