U.S. consumer spending increased by the most in more than 9-1/2 years in March a...
WASHINGTON - U.S. consumer spending increased by the most in more than 9-1/2 years in March as households stepped up purchases of motor vehicles, but price pressures remained muted, with a key inflation measure posting its smallest annual gain in 14 months.
It further allayed concerns about the economy’s health, which had been brought to the fore by a temporary inversion of the U.S. Treasury yield curve last month. Tame inflation, however, supported the Federal Reserve’s recent decision to suspend further interest rate increases this year. Consumer spending, which accounts for more than two-thirds of U.S. economic activity, surged 0.9 percent. That was the biggest rise since August 2009 and was also driven by increased healthcare expenditures. Spending rose 0.1 percent in February.
March’s surge in real consumer spending suggested an acceleration in consumption was likely in the second quarter. Consumer spending increased at a 1.2 percent annualized rate in the first quarter, the slowest in a year. The overall economy grew at a 3.2 percent rate last quarter. The core PCE index is the Fed’s preferred inflation measure. It hit the central bank’s 2 percent inflation target in March last year for the first time since April 2012.
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