The Commerce
Department reported on Thursday that consumer spending in the U.S. jumped 0.8
per cent m-o-m in March, the same pace as in February. Economists had predicted an advance of 0.6 per cent m-o-m for March.
Meanwhile,
consumer income climbed 0.5 per cent m-o-m in March, following an unrevised 0.3 per cent m-o-m gain in the previous month. Economists had forecast a 0.5 per
cent m-o-m increase.
The March rise
in personal income was mainly due to an increase in compensation.
Elsewhere, the
personal consumption expenditures (PCE) price index, excluding the volatile
categories of food and energy, which is the Federal Reserve's preferred
inflation gauge, increased 0.3 per cent m-o-m in March, the same pace as in February. Economists had expected
the indicator would gain 0.3 per cent m-o-m.
In the 12
months through March, the core PCE price index surged 2.8 per cent, the same pace as in the 12
months through February. Economists had anticipated a soar of
2.6 per cent y-o-y.