US personal spending up 1.8% in Q1

Wednesday, 29. April 2020 14:33

Core Personal Consumption Expenditures in the United States have surpassed expectations by growing 1.8% in the first quarter of 2020 compared to the previous 3-month period, the country's Bureau of Economic Analysis stated in its preliminary report published on Wednesday.

Current-dollar personal income concurrently rose $95.2 billion, decelerating gains by 34% compared to the previous quarter. At the same time, disposable personal income advanced 1.9% to reach $76.7 billion, while on the other hand, personal outlays declined by a significant amount of $253.5 billion.

Finally, personal savings stood at $1.60 trillion in the first quarter of the year, marking a 20% quarter-on-quarter decrease, with the personal saving rate rising to 9.6%.

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Breaking the News / ND