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Economic news
26.04.2024

U.S. consumer spending jumps 0.8 per cent in March, income climbs 0.5 per cent, core PCE price index increases 0.3 per cent

The Commerce Department reported on Thursday that consumer spending in the U.S. jumped 0.8 per cent m-o-m in March, the same pace as in February. Economists had predicted an advance of 0.6 per cent m-o-m for March.

Meanwhile, consumer income climbed 0.5 per cent m-o-m in March, following an unrevised 0.3 per cent m-o-m gain in the previous month. Economists had forecast a 0.5 per cent m-o-m increase.

The March rise in personal income was mainly due to an increase in compensation.

Elsewhere, the personal consumption expenditures (PCE) price index, excluding the volatile categories of food and energy, which is the Federal Reserve's preferred inflation gauge, increased 0.3 per cent m-o-m in March, the same pace as in February.  Economists had expected the indicator would gain 0.3 per cent m-o-m.

In the 12 months through March, the core PCE price index surged 2.8 per cent, the same pace as in the 12 months through February. Economists had anticipated a soar of 2.6 per cent y-o-y.

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