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EGB SYNDICATION

Italy CCTeu Mandate

By Harrison Clarke
     WASHINGTON (MNI) - The core PCE price index posted a 0.2% gain in 
April, as expected by both a Bloomberg survey and an MNI survey, data 
released Friday by the Commerce Department showed. 
     The core PCE price index was up 1.6% year/year in April, a slightly 
faster pace than the 1.5% year/year gain now reported in March. The 
increase in April core prices keeps the rate below the 2% target set by 
the Federal Reserve. 
     Here are some of the key factors from the data release on Friday: 
     - Personal income was up 0.5% in April, above the 0.3% gain 
expected by both the Bloomberg consensus and the MNI survey. Personal 
income was unrevised from the 0.1% gain in March. Wages and salaries 
were up 0.3%. There were also income gains for personal income receipts 
on assets and personal current transfer receipts. 
     - Current dollar PCE was up 0.3% in March, compared with 
expectations for a 0.2% gain by an MNI survey and a 0.3% gain by the 
Bloomberg consensus. The increase was the result of a 0.7% increase in 
nondurable goods spending, despite a 0.8% decrease in durable goods. 
This was accompanied by a 0.3% gain in services spending. 
     - Real PCE posted a flat reading in April after a 0.9% gain in 
March. Real durables PCE was down 0.4% and real nondurables rose 0.3% in 
the month. There was also a 0.1% decline in real services spending. 
     - The overall PCE price index was up 0.3% in April after a 0.2% 
increase in March. The year/year rate was 1.5%, a rebound from the 1.4% 
rate in March. 
     ** MNI Washington Bureau: 202-371-2121 ** 
 
[TOPICS: MAUDS$,M$U$$$,MAUDR$]