      Unlike the CPI and the PPI, growth in Personal Income and ConsumptionExpenditures is not necessarily inflationary in the short term. Therefore,more disposable income is interpreted as a good sign in the equity markets,given that consumers with excess cash will be more inclined to spend andthus fatten the profits of companies. However, in the long term, continuedgrowth in this area may cause inflationary pressures. Therefore, if themarket is fearful of inflation when this report is released, a negativereaction to a positive Personal Income and Consumption Expenditures figurewill ensue.