Real Personal Consumption Exenditures Rise 0.4% in April, Bonds Quiet

Mike Mish Shedlock

The BEA reports real disposable income rose 0.2% while real spending rose 0.4%.

The BEA' released its Personal Income and Outlays report for April 2018 this morning.


  • Personal income increased $49.5 billion (0.3 percent) in April.
  • Disposable personal income (DPI) increased $60.9 billion (0.4 percent).
  • Real DPI increased 0.2 percent in April


  • Personal consumption expenditures (PCE) increased $79.8 billion (0.6 percent).
  • Real PCE increased 0.4 percent.


  • The PCE price index increased 0.2 percent.
  • Excluding food and energy, the PCE price index increased 0.2 percent.


The BEA revised income lower and spending higher. This is not sustainable, but there it is. And it will add to GDP estimates for the second quarter.

Treasury Reaction

Interestingly, the yield on the 30-year bond is down slightly while the 10-year-yield is flat. The overall impact is a flattening of the yield curve.

Mike "Mish" Shedlock


Global Economics