The consensus among economists is for income to rise 0.2%, with spending expected to rise 0.5%, according to Bloomberg.
Personal income rose 0.4% in February, more than expected, while spending rose just 0.1%.
This report also includes the personal consumption expenditures, or PCE, inflation measure, which is expected to show consumer prices rose 0.2% month-on-month, and rose just 0.4% when compared to the prior year.
"Core" PCE, which strips out the more volatile cost of food and energy, is expected to show prices rose 0.2% in March, and rose 1.4% over last year.
In the Federal Reserve's April policy statement released on Wednesday, it noted: "Growth in household spending declined; Households' real incomes rose strongly, partly reflecting earlier declines in energy prices."