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Consumer spending increases, personal income stays flat in March

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Consumer spending increases, personal income stays flat in March

Spending misses estimates, savings rate down.

Personal income increased $6.2 billion, or less than 0.1%, and disposable personal income increased $1.6 billion, or less than 0.1%, in March, according to the Bureau of Economic Analysis.

Personal consumption expenditures increased $53.4 billion, or 0.4%. In February, personal income increased $66.4 billion, or 0.4%, DPI increased $61.2 billion, or 0.5%, and PCE increased $20.8 billion, or 0.2%, based on revised estimate.

Economists had expected consumer spending (PCE) to decrease 0.5% in March. 

Wages and salaries increased $16.3 billion in March, compared with an increase of $24.2 billion in February. Private wages and salaries increased $15.2 billion, compared with an increase of $22.6 billion. Government wages and salaries increased $1.0 billion, compared with an increase of $1.7 billion.

The increase in consumer spending came at largely out of savings, as personal savings were $702.6 billion in March, compared with $758.6 billion in February. The personal saving rate -- personal saving as a percentage of disposable personal income -- was 5.3% percent in March, compared with 5.7% in February.

The full report can be found here.

 

 

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