Financial News: U.S. Personal Income Increases In Line With Estimates

U.S. Personal Income Increases In Line With Estimates In April

05/26/2023 - 08:41:00 (RTTNews)

(RTTNews) - A report released by the Commerce Department on Friday showed personal income in the U.S. increased in line with economist estimates in the month of April.

The Commerce Department said personal income climbed by 0.4 percent in April after rising by 0.3 percent in March. The growth matched expectations.

The report also showed consumer spending advanced by 0.8 percent in April following a revised 0.1 percent uptick in March.

Economists had expected spending to rise by 0.4 percent compared to the unchanged reading originally reported for the previous month.

The personal income and spending report also includes readings on consumer price inflation that are said to be preferred by the Federal Reserve.

The report said the annual rate of consumer price growth accelerated to 4.4 percent in April from 4.2 percent in March.

The annual rate of growth by core consumer prices, which exclude food and energy prices, also accelerated to 4.7 percent in April from 4.6 percent in March, in line with estimates.

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