U.S. ECONOMICS: April Personal Spending Fell Harder Than Expected
U.S. personal income rose 0.3% in April with spending down 0.1%. The 0.5% increase in March income was not revised, though the 0.9% March spending jump was nudged up to 1.0% (with February's 0.5% pushed up to 0.6%). Wages and salaries inched up 0.2% in April following a 0.6% March gain.
Disposable income rose 0.3% following a 0.5% March increase. The savings rate bounced up to 4.0% after sliding to 3.6% previously (revised from 3.8%). The PCE chain price index rose 0.2%, as it did in March. The core rate also edged up 0.2% versus 0.2% in March.
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