Economic Buzz: US Personal Spending Rises In March

2 May 2022 , 09:14 AM

A report released by the Commerce Department on Friday showed U.S. personal income increased by slightly more than expected in the month of March, while U.S. personal spending jumped by much more than anticipated. Personal income rose by 0.5 percent in March after climbing by an upwardly revised 0.7 percent in February. Disposable personal income, or personal income less personal current taxes, also climbed by 0.5 percent in March, although real disposable income, which excludes price changes, fell by 0.4 percent. Personal spending jumped by 1.1 percent in March after advancing by an upwardly revised 0.6 percent in February. Personal spending was expected to increase by 0.7 percent compared to the 0.2 percent uptick originally reported for the previous month. With spending jumping by much more than income, personal saving as a percentage of disposable income slid to 6.2 percent in March from 6.8 percent in February.

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