Market Updates
March Personal Spending Flat, PCE Inflation Eased
Brian Turner
28 Apr, 2023
New York City
Personal income rose slightly in March and personal spending was unchanged, the Commerce Department report showed Friday.
Personal income increased 0.3% in March, matching the rate in February and personal spending was unchanged in the month after edging up a revised 0.1% in February.
The report also included a measure of consumer price inflation, that generally understates urban inflation, but preferred by policymakers at the Federal Reserve.
The personal consumption expenditure price index increased 0.1% from the previous month in March, easing from a 0.3% advance in February.
The PCE inflation was the smallest since July 2022 and core PCE, which excludes food and energy, rose 0.3% and matched the rate in the previous month.
The annual rate of consumer price growth eased to 4.2% in March from a revised 5.1% in February and annual core PCE rate slowed to 4.6% from 4.7% respectively.
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