US consumer spending further up

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Consumer spending in the United States increased by 0.3 percent in April compared to a month earlier. The US Department of Commerce announced the data.

Economists generally expected an increase of 0.2 percent. In March, spending went up by a revised 1.1 percent. Consumer spending accounts for around 70 percent of the US economy.

The personal incomes of American consumers increased by 0.5 percent on average in April, after an increase of 0.1 percent a month earlier.

An important inflation component in the spending figure, the so-called Core PCE, amounted to 1.6 percent on an annual basis, following a revised 1.5 percent a month earlier. The Federal Reserve sees this key figure on inflation as its most important indicator of price development.

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Peretz M.

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