Investing.com - U.S. consumer spending accelerated in April, according to a report released on Thursday.
The Commerce Department said consumer spending, which accounts for more than two-thirds of U.S. economic activity, rose 0.6% last month, compared to forecasts for a 0.4% gain.
March’s reading was revised up to a 0.5% increase from the initial 0.4% advance.
The Federal Reserve's preferred inflation measure, the personal consumption expenditures (PCE) price index, excluding food and energy, rose 0.2% in April, compared to expectations of a 0.1% increase.
That matched both the prior month’s reading.
The closely-followed PCE deflator rose 0.2% from a month earlier and increased 2.0% on an annualized basis.
March’s initial 1.9% increase was revised down to 1.8%.
Personal income rose 0.3% last month, in line with forecasts.
March’s reading was revised down to 0.2% from the initial 0.3% advance.