Here come personal income and spending...
Economists expect that personal income rose by 0.4% in April, while personal spending rose 0.7%, according to the Bloomberg consensus.
Back in March, personal spending was weaker than expected - ending the quarter on a weak note. Spending climbed by only 0.1% last month, although economists were expected a 0.2% hike.
Notably, the report also includes data on personal consumption expenditures (PCE), which is a key way to gauge the level of consumer spending within the US economy.
"With Fed rhetoric increasing the likelihood of a summer rate hike, the market is likely to be focused intently on the PCE price index in the Personal Income and Spending report," wrote a Credit Suisse research team led by James Sweeney. "A strong number would provide support to the view that inflation is indeed rising towards the 2.0% target."
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