According to official data released Friday, Americans’ income rose 0.3 percent in March from the previous month.
According to data from the Economic Analysis Bureau of the Ministry of Trade, personal income increased by 67.9 billion dollars in March compared to the previous month, according to Anadolu Agency.
The figure was above market expectations for a 0.2 percent increase after a 0.3 percent rise in February.
Personal spending remained steady at $8.2 billion in March compared to the previous month. The figure was expected to show a 0.1 percent decline, following a 0.1 percent gain in February.
Within services, the largest contribution to the increase was made by expenditures for housing and communal services, and health services.
Economic growth in the US slowed sharply in the first quarter
Despite strong consumer spending, US economic growth slowed sharply in the first quarter of 2023 as the Federal Reserve pressed ahead with its historic campaign to tighten monetary policy.
The world’s largest economy grew by 1.1 percent year-on-year between January and March, according to preliminary data released by the Commerce Department on Thursday, the Financial Times reports.
That marked a sharp slowdown from the 2.6 percent pace registered in the final three months of last year and was well below economists’ expectations of a two percent increase.
US Treasuries sold off after the data was released, pushing yields on the two-year Treasury up 0.08 percentage points to four percent.
