by Calculated Risk on 5/30/2008 09:04:00 AM

The BEA reports: Personal Income and Outlays

Real disposable personal income decreased less than 0.1 percent in April, in contrast to an increase of less than 0.1 percent in March. Real PCE decreased less than 0.1 percent, in contrast to an increase of 0.1 percent.

Basically real PCE spending has been flat for the first four months of 2008. Personal Consumption Expenditures (PCE) accounts for almost 71% of GDP, and it appears there has been no growth in real PCE.

Note: After the May release, we will have a reasonable estimate of Q2 PCE spending (using the "Two Month Method").