The good news yesterday was that consumer spending rose in the first quarter of 2009, but today we learn that spending dropped off in March.  The Commerce Department released figures on consumer spending and personal income this morning.  Both are down.  Take a look at the monthly change:

Here are the toplines from the Bureau of Economic Analysis:

Personal income declined 0.3 percent in March. Wages and salaries, the largest component of personal income, fell 0.5 percent after falling 0.4 percent in February. Proprietors’ income (mainly from partnerships and sole proprietorships) turned down.

Real disposable personal income (DPI), income adjusted for inflation and taxes, was flat in March. Taxes fell $33 billion after falling $25 billion. Tax credits from the American Recovery and Reinvestment Act of 2009 reduced taxes $11 billion in March.

Real consumer spending, adjusted for price changes, decreased 0.2 percent in March after increasing 0.1 percent in February.

Read the BEA's full report here.