Outsized falls in US personal income and spending in March

By Alexander Bueso

Date: Thursday 30 Apr 2020

(Sharecast News) - Personal income and spending in the US fell much more quickly than expected last month as the impact of the Covid-19 pandemic began to spread across the country.
According to the Department of Commerce, personal income and spending fell by 2.0% and 7.5% in March when compared to the month before.

Economists had penciled-in falls of 1.5% and 4.2%, respectively.

Prices however held up better than expected, with the year-on-year rate of increase in the price deflator for personal consumption expenditures slipping from 1.8% for March to 1.3% in April (consensus: 1.4%).

But at the core level, which excludes prices of food and energy from the calculation, the PCE deflator only dipped from 1.8% to 1.7% (consensus: 1.5%).

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