Financial News: U.S. Personal Income Rises Slightly More Than Expected

U.S. Personal Income Rises Slightly More Than Expected In March

04/28/2023 - 08:44:00 (RTTNews)

(RTTNews) - Personal income in the U.S climbed by slightly more than anticipated in the month of March, according to a report released by the Commerce Department on Friday.

The report said personal income rose by 0.3 percent in March, matching the increase seen in February. Economists had expected personal income to edge up by 0.2 percent.

Meanwhile, the Commerce Department said personal spending was unchanged in March after inching up by a revised 0.1 percent in February.

Economists had expected personal spending to dip by 0.1 percent compared to the 0.2 percent uptick 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 slowed to 4.2 percent in March from a revised 5.1 percent in February.

Economists had expected the rate of growth to slow to 4.6 percent from the 5.0 percent originally reported for the previous month.

The annual rate of growth by core consumer prices, which exclude food and energy prices, also slipped to 4.6 percent in March from a revised 4.7 percent in February.

Economists had expected the rate of growth to slow to 4.5 percent from the 4.6 percent originally reported for the previous month.

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