The Personal Incomes and Outlays report for March 2024 continued giving the Federal Reserve reasons to keep interest rates fixed for the time being. That likely means none of the expected rate cuts until July at the very soonest.
Personal consumption expenditure (PCE) were up 0.8% month over month. The PCE index, the favored inflation metric for the Fed, were up 0.3% month over month as they were in February, following a 0.4% increase in January. On an annual basis, PCE was up 2.5% in March. Take out food and energy to reduce volatility and it was 2.8%.
Dollar PCE in March was $160.9 billion, including $80.6 billion in services and $80.3 billion in goods. Real disposable personal income (DPI) was up 0.2% in March and real personal consumption expenditures (PCE) was up 0.5%.
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