Personal income declined 0.2% in February, versus the estimate of -0.1%, and January's unexpected rise was revised from 0.4% to 0.2%. Personal spending rose 0.2% in February, in line with expectations, while January's 0.6% increase was revised higher to 1.0%. The savings rate declined from a downwardly revised 4.4% to 4.2%.
The PCE Price Index, which is released with the income and spending data, rose 1.0% in February, topping the 0.8% forecast, and January was revised slightly higher. The core PCE Price Index, which excludes food and energy, increased 0.2%, matching expectations. Year-over-year, core prices are up 1.8%, higher than the 1.6% expected.
The Final University of Michigan consumer sentiment for March improved slightly from 56.6 in the preliminary reading to 57.3, above the forecast of a slight increase to 56.8.
The Dow Jones Industrial Average fell 148 points (1.9%) to close at 7,776, the S&P 500 Index lost 17 points (2.0%) to 816, and the Nasdaq Composite decreased 42 points (2.6%) to 1,545. Crude oil fell $1.96 to $52.38 per barrel, and gold fell $15.80 to $924.20 per ounce. For the week, the DJIA rose 6.8%, the S&P 500 Index gained 6.2%, and the Nasdaq Composite increased 6.0%.
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