Investing.com - U.S. consumer spending accelerated in March, according to a report released on Monday.
The Commerce Department said consumer spending, which accounts for more than two-thirds of U.S. economic activity, rose 0.4% last month after a 0.2% increase in the previous month.
March’s reading was in line with the consensus forecast.
The Federal Reserve's preferred inflation measure, the personal consumption expenditures (PCE) price index, excluding food and energy, rose 0.2% in March, matching both the prior month’s reading and expectations.
The so-called core PCE increased 1.9% in the 12 months through March, picking up from 1.6% a month earlier.
That was also in line with analysts’ forecasts.
Personal income rose 0.3% last month, below forecasts for a 0.4% gain.
February’s reading was revised down to 0.3% from the initial 0.4% advance.