US Personal income rose 0.6% in February, well above expectation of 0.3%. The increase in personal income primarily reflected increases in compensation of employees and farm proprietors’ income. Farm proprietors’ income increased USD 34.1B, which included an increase in subsidy payments associated with the Department of Agriculture’s Market Facilitation Program. Personal spending rose 0.2%, below expectation of 0.3%.
Headline PCE price index was unchanged at 1.8% yoy, above expectation of 1.7% yoy. Core PCE price index accelerated to 1.8% yoy, above expectation of 1.6% yoy.
