US personal income increased 0.5% MoM, and personal consumption expenditures increased 0.7% MoM in March. Both were above expectations of 0.4% MoM and 0.5% MoM, respectively.

• Disposable personal income increased 0.5% MoM and was up by 0.5% or more on a monthly basis in each month in Q1 2025.
• Real disposable income increased 0.5% MoM, the highest since January 2024.
• Goods spending increased 0.9% MoM with durable spending surging 3.2% MoM (on strong auto sales), and services spending increased 0.6% MoM.

• The PCE price index was unchanged on a monthly basis and up 2.3% YoY, slightly ahead of expectations of a 2.2% YoY increase.
• The core PCE price index was also unchanged on a monthly basis and up 2.6% YoY, in line with expectation and the lowest annual rate since March 2021.