29 April 2002, 16:33 US March consumer spending up 0.4 pct; personal income up 0.4
WASHINGTON (AFX) - Consumer spending rose 0.4 pct in March, while
personal income also rose 0.4 pct, the Commerce Department said.
The gains in both consumer spending and personal income were in
line with the consensus forecasts of Wall Street economists.
In February, consumer spending rose 0.6 pct, unrevised from the
initial estimate last month.
Income rose 0.6 pct in February, also unrevised from the initial
estimate.
All subcategories of spending rose in March, the department said.
Spending on durable goods rose 0.5 pct, while spending on
nondurable goods rose 0.2 pct. Services spending increased 0.5 pct
Disposable personal income, or income less personal tax payments,
rose 0.5 pct in March, compared with a 0.7 pct rise the month before.
Wages and salaries rose 0.2 pct in March to 5.165.7 trln usd after
rising 0.4 pct in February.
The personal savings rate - personal saving as a percentage of
disposable personal income - was 2.2 pct in March, compared with 2.1
pct in February. This is the highest personal savings rate since Sept
2001.
The income and spending data are adjusted for seasonal variations
but not inflation.
Inflation, as measured by the personal consumption expenditures
(PCE) deflator, rose 0.2 pct in March after rising 0.1 pct in February.
The Federal Reserve now uses the PCE price index as its prime gauge
of consumer inflation, replacing the CPI data.
Excluding food and energy prices, the PCE deflator was up 0.1 pct.
Adjusted for inflation, consumer spending rose 0.2 pct in March,
and disposable personal income rose 0.3 pct.
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