U.S. personal consumption expenditures (PCE) increased 0.2 percent in April month on month, showing a slowdown in growth compared to March's 0.7 percent, according to data released Friday by U.S. Bureau of Economic Analysis (BEA).
The PCE increased 47.8 billion U.S. dollars in April, said the bureau, which falls under the U.S. Department of Commerce. Compared to the same period last year, the PCE Price Index grew 2.1 percent, while Core PCE (excluding food and energy) jumped 2.5 percent, both remaining above the Federal Reserve's 2 percent inflation target.
According to the BEA news release, "Personal outlays -- the sum of PCE, personal interest payments, and personal current transfer payments -- increased 48.6 billion U.S. dollars in April. Personal saving was 1.12 trillion U.S. dollars in April and the personal saving rate -- personal saving as a percentage of disposable personal income -- was 4.9 percent."
The figures reflect an undercurrent of anxiety among many American consumers about the economy, said Bloomberg.
"Higher duties on imports had yet to show up more broadly in higher goods prices, as sentiment slumped and the outlook for personal finances stood at a record low," the outlet reported.
The PCE Price Index is a key inflation metric closely monitored by the U.S. Federal Reserve, serving as a critical reference for monetary policy decisions and thus drawing significant market attention.
Growth of US personal consumption expenditures slows down in April
Growth of US personal consumption expenditures slows down in April
