Friday, May 31, 2013

Personal Income Failed to Grow in April

After a revised 0.3% rise of personal income in March, April’s report is disappointed, with personal income failing to grow over the month. The savings rate remained steady at 2.5%.

Wages in April were essentially unchanged. Gains in investment income were offset by declines in government transfer payments and farm proprietors' income.

Total spending fell 0.2% over the month, due primarily to decreased spending on gasoline and utilities. Core spending, however, grew 0.1% in April, a slowdown from the 0.2% growth reported in March.

Consumer prices, according to the PCE indicator, rose 0.7% from year ago levels, the lowest inflation since late 2009.

Read the BEA release.

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