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Economics

Spending Rises Less Than Forecast as Americans Boost Savings

  • March spending gain wraps up weakest quarter in a year
  • Inflation gauge preferred by Federal Reserve rose 0.8% YoY

Consumer spending rose less than forecast in March, wrapping up the weakest quarter in a year for the biggest part of the U.S. economy even as incomes accelerated.

Purchases picked up 0.1 percent after a revised 0.2 percent gain in February, Commerce Department figures showed Friday. The median forecast in a Bloomberg survey called for a 0.2 percent advance. Incomes increased 0.4 percent, matching January as the biggest gain since June.