Here Comes Personal Income And Spending...

At 8:30 a.m., we'll get December data on personal income and spending.

Economists expect both income and spending climbed 0.2% in December.

"Weakness in hours and earnings in the employment report pointed to lower wage and salary income, and slowing farm income support payments are also likely to be a drag again, so overall personal income should be little changed," Morgan Stanley's Ted Wieseman wrote clients earlier this week.

"Meanwhile, the surprisingly strong 0.7% gain in core ex auto retail sales and a modest expected gain in services should offset the pullback in unit auto sales to leave consumer spending a bit higher," he wrote.

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