MNI: Personal income for the month of March fell.....>

MNI: Personal income for the month of March fell by -2.0%, the biggest m/m drop

since January 2013 when personal income fell -4.7%. This decline outpaced the

-1.5% expected by markets and is the first negative reading for the measure

since October 2014 when the index contracted by -0.1%. The report issued by the

Bureau of Economic Analysis this morning stated that "the decline in March

personal income and outlays was, in part, due to the response to the spread of

COVID-19, as governments issued 'stay-at-home' orders." Personal income for

February was unchanged at +0.6%. Current dollar PCE plummeted by -7.5%, burying

the -0.1% dip expected by markets. The decline was driven by a -15.1% drop in

durable goods prices, offset by a +3.1% rise in nondurable goods. PCE was also

affected by a negative reading for services, which saw a -9.5% drop in prices.