(WASHINGTON) — Americans increased their spending more slowly in March, raising questions that consumers could be worried about the economy. The Commerce Department says consumer spending increased just 0.3 percent in March after a 0.9 percent gain in February. Income grew 0.4 percent following a 0.3 percent gain in February.
NEW DELHI/MUMBAI: Sales of consumer goods have slowed the most in about a decade, suggesting that Indians are making cuts in spending — especially on discretionary products — amid high inflation and a sluggish economy. Most company bosses expect things to get better soon, but a bad monsoon looms as a threat over rural consumption. The overall consumer products market slowed to 7.5 per cent in the year to March from 10.6 per cent in the previous year, according to Nielsen data.
US consumer spending growth slowed in March after a strong February, even as personal income growth picked up pace, government data showed Monday.Consumer spending, which accounts for about 70 percent of US economic activity, rose 0.3 percent in March, the Commerce Department reported.That undershot the average analyst estimate of a 0.5 percent rise.Excluding food and energy, spending rose 0.2 percent.
After an upwardly revised September surge, US personal spending growth slowed to just 0.3% in October and with incomes rising more than expected (+0.6% vs +0.4% exp), it appears Americans were careful heading into the election as the savings rate surged from 5.7% to 6.0%.
However, the weaker than expected growth in spending will likely knock Q3 GDP revisions lower.
Both spending and income continue to rise...