Advertisement

March consumer spending climbed at highest rate since 2010

By
Ed Adamczyk
U.S. consumer spending rose in March at the highest rate since 2010, the U.S. Commerce Department said Monday. File Photo by John Angelillo/UPI
U.S. consumer spending rose in March at the highest rate since 2010, the U.S. Commerce Department said Monday. File Photo by John Angelillo/UPI | License Photo

April 29 (UPI) -- U.S. consumer spending rose about 1 percent in March, the Bureau of Economic Analysis said Monday, a possible indication the post-recession rebound continues.

The Commerce Department said in its monthly report personal income increased $11.4 billion, or 0.1 percent, while disposable personal income rose by $600 million. Personal consumption expenditures increased $123.5 billion and were widespread across the economy, officials said. Spending in the automotive sector was the leading contributor.

Advertisement

The report is the latest sign the U.S. economy remains strong in its 11th year of recovery since the 2008 recession. The job market has added 180,000 workers per month, on average, so far this year and wages increased 0.4 percent for the month after a slightly weaker rise in February. Unemployment claims have decreased to record lows.

Inflation has remained below the Federal Reserve's Open Markets Committee's target range of 2 percent. The FOMC will meet Tuesday to consider raising interest rates, although it has previously signaled a hike is unlikely.

The increase in March consumer spending, which was the largest monthly boost since 2010, is a possible indicator the U.S. economy will have a strong second quarter after a growth of 3.2 percent in the first quarter.

Advertisement

Latest Headlines