by Mike ‘Mish’ Shedlock
The BEA’s Personal Income and Outlays report shows consumers came to life in April.
Income rose 0.4% month-over-month and spending rose a whopping 1.0%.
Inflation adjusted, the numbers look good, not fantastic. The headline reports would have you believe otherwise.
Let’s take a look at a couple mainstream media reports, then dive into the “real” picture.