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US consumer spending is rising: March statistics surprise experts
Find out the latest developments on rising consumer spending in the USA and surprisingly high price inflation. Stay informed about economic trends in the United States. #USA #Consumerspending #Pricesup #Fed #BusinessNews
US consumer spending is rising: March statistics surprise experts
U.S. household consumer spending rose significantly in March, exceeding the expected 0.6 percent increase. The Commerce Department in Washington recorded an increase of 0.8 percent compared to the previous month. At the same time, household incomes rose by 0.5 percent, as expected.
In addition, price inflation was higher than expected as the PCE price index rose by 2.7 percent compared to the same month last year, compared to expectations for an increase of 2.6 percent. The core part of the index, which excludes energy and food products, showed a rise of 2.8 percent, compared to expectations for 2.7 percent. The PCE index serves as the Fed's preferred price measure.
Since spring 2022, the Fed has combated high inflation with sharp interest rate increases. Although inflation is trending downward, it has remained stubborn in recent months. For this reason, the Fed is reluctant to relax its tight line and a possible rate cut is not expected until late summer at the earliest.