02:59 PM EDT, 04/26/2024 (MT Newswires) -- Personal income was up 0.5% in March, as expected, lifted by a 0.7% gain in wages and salaries and solid increases in rental income and proprietors' income.

Personal consumption expenditures increased by 0.8% for the second straight month in March, with gains for both goods and services spending.

After an adjustment for an as-expected 0.3% increase in the PCE price index, real consumption was up 0.5% in March for the second straight month. The year-over-year rate for the overall price index accelerated to 2.7% from 2.5%

Core PCE prices rose by 0.3% in the month while the year-over-year rate remained at 2.8%.

The University of Michigan consumer sentiment index for April was revised lower to 77.2 from the preliminary estimate of 77.9 and was below March's reading of 79.4.

Michigan said younger respondents saw an increase in confidence, offset by a decline in confidence among older adults. Inflation expectations rose in the month for both the one-year and five-year time horizons while uncertainties ahead of the upcoming election continued.

The Kansas City Fed's services index rose to 9 in April from 7 in March. Other regional services data already released have been mixed.

The initial Q2 GDP estimate from the Atlanta Fed is now for a 3.9% gain. The next update is scheduled for May 1.