Personal consumption spending in the US held steady in March

The US Department of Commerce released data on personal income and consumer spending for March.

Consequently, personal income in the country increased by 0.3 percent in March compared to the previous month.

The data, which was above market expectations, was expected to rise 0.2 percent in this period.

The increase in personal income for Americans was 0.3 percent in February.

Personal consumption expenditures, on the other hand, followed a flat monthly course in March.

LOWEST INCREASE SINCE MAY 2021

Market expectations were for personal consumption spending to decline 0.1 percent in this period. Personal consumption spending rose 0.1 percent in February.

The personal consumption expenditures price index, on the other hand, rose 0.1 percent on-month and 4.2 percent on-year. Those data had risen 0.3 percent monthly and 5.1 percent annually in February.

The monthly increase in the Personal Consumption Expenditures Price Index in March was the lowest since July 2022, and the annual increase was the lowest since May 2021.

INCREASED 4.6 PERCENT ANNUALLY

The Basic Personal Consumption Expenditure Price Index, which excludes food and energy, which the US Federal Reserve (Fed) views as indicators of inflation, rose 0.3 percent on a month and 4.6 percent on a yearly basis. in the same period.

Market expectations were for the basic personal consumption expenditures price index to rise 0.3 percent monthly and 4.5 percent annually. The increase in the price index for basic personal consumption expenses was 0.3 percent monthly and 4.7 percent annually in February. (AA)