US consumer spending, incomes up
AFP, Washington
US consumer spending and personal incomes both rose by solid margins in March, according to a government report Friday released days before Federal Reserve policymakers meet. Spending rose 0.6 percent in the month and incomes were up by 0.5 percent, the Commerce Department reported. Both figures beat Wall Street's expectations. The department also revised up the February figures to show increases in spending and incomes of 0.7 percent and 0.4 percent, respectively. The March personal savings rate fell to 0.4 percent, the lowest level since October 2001, underlining economists' complaints that Americans are spending too much and saving too little. The department also said that the personal consumption expenditure (PCE) price index -- a gauge of inflation -- rose 0.5 percent in March.
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