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U.S. personal spending quickens in April amid rise in wage growth

AuthorScott Kanowsky
Published 05/26/2023, 09:39 AM
Updated 05/26/2023, 09:33 AM
© Reuters.

Investing.com -- The pace of U.S. consumer expenditures sped up in April despite Americans feeling the pinch from spiking interest rates and elevated price growth.

According to data from the Commerce Department's Bureau of Economic Analysis (BEA) on Friday, personal consumption adjusted for inflation rose by 0.5% on a monthly basis, speeding up from a flat rate in March.

Shoppers shelled out cash on expensive items like cars and auto parts, while also spending more on insurance and financial services, the BEA said.

Meanwhile, personal income expanded by 0.4% month-on-month, accelerating from a prior reading of 0.3%, with compensation being led by private wages and salaries.

Latest comments

Inflation heading much higher
Exactly. On the verge of runaway inflation. In the Weimar Republic, when workers got their pay (in cash) on Friday, they'd race to the nearest store and buy ANYTHING, just to get rid of the paper money.
be prepared for the rug pull on Monday - that's a crazy blow off top rally today for AI / the few stocks on nasdaq propping up the entire market!
Does not appear to be seasonally adjusted. Summer temp hiring and deadbeat son had to take a job. Overall inflation still rising, credit recession imminent....
consumption been lead by wages? it funny when you actually look at the awfully manipulated data the US releases, in April both personal saving rates and consumer spending increased by more than income did? how does that work can everyone print their own money in the US now or is the US just putting out fake data?
They're putting it on plastic. MC and Visa said overdue balances are rising. Watch for the liberals to attack them next.
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