We now have the report for Personal Income and Spending for the month of February. This data is now effectively a month old, so we were only expecting the news to move markets if it was way outside of expectations. Personal income was up 0.3% in February, and spending came in with a gain of 0.3% as well.
Bloomberg had estimates calling for a gain of 0.2% on personal income and a gain of 0.3% on consumer spending. Dow Jones had the consensus estimates as 0.2% for income and 0.3% in spending.
February was a month that was still dragged down by weather, or at least that is how the logic has been for the last six weeks or so. These numbers were also very close to the consensus estimates. That being said, it is hard to expect this reading from the Commerce Department to create many waves on Friday.
S&P 500 futures are up over 5 points and the DJIA futures are up about 35 points after the news.
Filed under: Economy