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- U.S. personal spending is flat in April
U.S. personal spending is flat in April
The U.S. Commerce Department released personal spending and income figures on Monday. Personal spending was flat in April, missing expectations for 0.2% gain, after a 0.5% increase in March. March's figure was revised up from a 0.4% rise.
Consumer spending makes more than two-thirds of U.S. economic activity.
Consumers cut back on purchases. The saving rate rose to 5.6% in April from 5.2% in March.
Personal income increased 0.4% in April, exceeding expectations for a 0.3% rise, after a flat reading in March.
The increase in personal spending was driven by a rise in in wages and salaries, which climbed 0.2% in April.
The personal consumption expenditures (PCE) price index excluding food and energy rose 0.1% in April, missing forecasts of a 0.2% increase, after a 0.1% gain in March.
On a yearly basis, the PCE price index excluding food and index increased 1.2% in April, after a 1.3% gain in March.
The PCE index is below the Fed's 2% inflation target. The PCE index is the Fed's preferred measure of inflation.
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