March pers income +0.1%; PCE +0.9%, core....>

US DATA: March pers income +0.1%; PCE +0.9%, core prices flat (+1.6% y/y) 

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- March core PCE price index was flat, below the 0.1% gain expected by 

both Bloomberg and MNI. 

- Core PCE prices slowed to a 1.6% year/year gain from 1.7% in Feb, 

lowest since 1.6% January 2018. It was last at 1.5% in Sept 2017.

- March personal income only +0.1%. The BBG and MNI surveys both looked 

for +0.4%. Wages and salaries +0.4%, but return on assets and 

proprietors income both decline.

- March nominal PCE +0.9% after Feb +0.1%, much stronger than +0.3% 

expected by the BBG and MNI surveys. Durable goods PCE +2.3%, while 

nondurable PCE +1.4% and services PCE +0.5%

- March real PCE +0.7% after flat in Feb, with durables +2.9%, 

nondurables +0.8%, and services +0.3%. 

- March total PCE price index +0.2%, with the y/y rate rebounding to 

+1.5% from +1.3% in Feb.