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  • U.S. consumer spending jumps 0.8 percent in April, income climbs 0.4 percent, core PCE price index increases 0.4 percent
Notizie economiche
26.05.2023

U.S. consumer spending jumps 0.8 percent in April, income climbs 0.4 percent, core PCE price index increases 0.4 percent

The Commerce Department announced on Friday that consumer spending in the U.S. jumped 0.8 percent m-o-m in April after an upwardly revised 0.1 percent m-o-m gain (from flat m-o-m) in March. That marked the biggest monthly increase in consumer spending in three months. Economists had forecast a rise of 0.4 percent m-o-m for April.

Meanwhile, consumer income climbed 0.4 percent m-o-m in April, following an unrevised 0.3 percent m-o-m advance in the previous month. That was the 15th straight monthly increase in consumer income. Economists had predicted a 0.4 percent m-o-m rise.

The April advance in personal income was mainly due to increases in compensation and personal income receipts on assets, which were partly offset by a decline in personal current transfer receipts.

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, went up 0.4 percent m-o-m in April, following an unrevised 0.3 percent m-o-m increase in March. Economists had expected the indicator would rise 0.3 percent m-o-m.

In the 12 months through April, the core PCE price index soared 4.7 percent, quickening marginally from an unrevised 4.6 percent in the 12 months through March. Economists had predicted an increase of 4.6 percent y-o-y.

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