PERSONAL INCOME AND CONSUMER SPENDING RISE MORE THAN EXPECTED

January personal income and consumer spending data are out.

Incomes rose 0.3% from the previous month in January, below expectations above expectations for a 0.2% advance.

Spending was up 0.4% - above expectations for a 0.1% gain - but December's 0.4% gain was revised down to 0.1%.

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ORIGINAL: Heads up! We are minutes away from the release of monthly personal income and consumer spending data, due out at 8:30 AM ET.

Economists predict incomes rose 0.2% from the previous month in January after no change in December, while spending is expected to have advanced only 0.1% in January after rising 0.4% in December.

"Our economics team notes that wages and salaries likely bounced back from the stall seen in December, 'but the loss of emergency unemployment benefits at the start of the year probably offset that entire gain'," says Bryan Zarnett, a strategist at Citi.

"Spending is also forecasted to be soft, given the weakness in the recent retail sales report."