12:04 PM EDT, 05/31/2024 (MT Newswires) -- Personal income was up 0.3% in April, right on expectations, and slower than a 0.5% gain in the previous month.

Wages and salaries rose by only 0.2% after a 0.6% gain in March, while other measures of income, except for return on assets, also slowed their pace of growth.

Personal consumption expenditures rose by 0.2% in April after a 0.7% increase in March. After an adjustment for a 0.3% increase in the PCE price index, real consumption was down 0.1% in April after a 0.4% increase in March. The year-over-year rate for the overall price index remained at 2.7%.

Core PCE prices rose by 0.2% in the month while the year-over-year rate remained at 2.8%.

The Chicago PMI fell to 35.4 in May from 37.9 in April. Other manufacturing data already published have been mixed. The ISM's national index is scheduled to be released on Monday.

The Q2 GDPnow estimate from the Atlanta Fed is for a 2.7% increase, revised down from a 3.5% gain reported on May 24. The next update is scheduled for Monday.

The St. Louis Fed's GDP nowcast estimate for Q2 is for a 1.18% gain, revised down from 1.42% growth in the previous estimate.