US Consumer Spending Surges in March
US consumer spending increased $107.2 billion or 0.9 percent in March, the biggest jump in almost 5 years, after a 0.5 percent gain in February.
5/1/2014 1:48:13 PM
In March, consumer spending was buoyed by a 1.4 percent surge in purchases of goods. Spending on durable goods increased 2.7 percent, the largest increase since March 2010. Spending on services grew by 0.7 percent, reflecting increased demand for utilities and healthcare services.
Personal income increased $78.4 billion, or 0.5 percent, and disposable personal income (DPI) increased $68.0 billion, or 0.5 percent.
Private wages and salaries increased $42.3 billion in March, compared with an increase of $17.4 billion in February. Goods producing industries' payrolls increased $10.4 billion, compared with an increase of $7.6 billion; manufacturing payrolls increased $7.0 billion, compared with an increase of $1.6 billion. Services-producing industries' payrolls increased $31.8 billion, compared with an increase of $9.9 billion. Government wages and salaries increased $0.9 billion, compared with an increase of $1.9 billion.