Consumer spending up more than expected on higher income
Spending in the United States rose again in March, a month after it posted its largest gain since August 2009 of a revised 0.9% (previously 0.8%). Personal spending rose 0.3%, but missed forecast for 0.4%, and was driven by higher incomes. Statistics published by the Commerce Department in fact showed personal income jumped 0.4% in March from a revised 0.3% (previously 0.2%) against consensus for 0.3%.
Personal consumption indicators showed mixed readings on Monday. PCE deflator y/y edged lower to 2.1% from 2.3% versus consensus for 2.2%. PCE core m/m inched higher to 0.2% as expected from 0.1% while PCE core y/y was also higher to 2.0% from 1.9% as forecasted.
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