Data released just moments ago from the U.S. Bureau of Economic Analysis showed that U.S. personal income rose by $116.8 billion in March, up 0.5% from 0.8% in February. The Personal Consumption Expenditures (PCE) Index, the Federal Reserve’s preferred measure of inflation, rose by 0.7% to $134.5 billion, compared to February’s reading of 0.4%.
The PCE, which excludes food and energy prices and is closely monitored by the Federal Reserve, registered no growth in March, coming in at 0.0%, down from 0.4% in February, missing expectations. The PCE rose to 2.6% year-over-year, up from 2.8% in February, matching expectations.