- Israel readying response to Iran missile attack
- Schutt, Mooney help Australia beat Sri Lanka in Women's T20 World Cup
- Liverpool extend Premier League lead with win at Palace
- Djokovic 'shakes rust off' to make third round of Shanghai Masters
- 'Imperfect' PSG fighting on all fronts - Luis Enrique
- Struggling Pakistan look to thwart adaptable England
- Child 'trampled to death' in asylum seekers' Channel crossing: minister
- Gauff fights back to set up Beijing final against Muchova
- Guardiola claims Premier League won't delay season for Man City
- Israel to mark October 7 attack as Gaza war spreads
- Gauff fights back to reach China Open final
- Recovering Stokes ruled out of first Pakistan Test
- Hezbollah battles troops on border as Israel pounds Lebanon
- Alcaraz, Sinner breeze into third round of Shanghai Masters
- Bagnaia wins Japan MotoGP sprint to cut Martin's lead
- Alcaraz breezes into third round of Shanghai Masters
- Gaza cultural heritage brought to light in Geneva
- 'Bullet for democracy': Trump returns to site of rally shooting
- Italy targets climate activists in 'anti-Gandhi' demo clampdown
- South Korean cult-horror series 'Hellbound' returns at BIFF
- Nepalis fear more floods as climate change melts glaciers
- Honduras arrests environmentalist's alleged murderer
- Padres pitcher Musgrove needs elbow surgery
- Supreme Court lets stand rules to curb mercury, methane emissions
- Boston beat Denver in NBA exhibition season opener, but Jokic says omens are good
- Chagos diaspora angry at lack of input on islands' fate
- Biden says 'not confident' of peaceful US election
- US trade chief defends tariff hikes when paired with investment
- Lukaku stars as Napoli beat Como to hold Serie A top spot
- Ohtani set for MLB playoff debut as Dodgers face Padres
- Pogba's drug ban cut to 18 months from four years
- Devine leads New Zealand to big win over India in Women's T20 World Cup
- Bosnia floods kill 16 people
- EU court blocks French ban on vegetable 'steak' labelling
- Prosecutors seek dismissal of rape charges against French rugby players
- Meta AI turns pictures into videos with sound
- Bolivia's Morales says claims he raped a minor are a 'lie'
- MLB Reds hire two-time champion Francona as manager
- Daniel Maldini receives first Italy call-up for Nations League
- US dockworkers return to ports after three-day strike
- Ancelotti points finger at Madrid's 'lack of intensity'
- Haiti reeling after 70 killed in gang attack
- Five Czech kids in hospital over TikTok 'piercing challenge'
- What happens next in Iran-Israel conflict?
- Country star Garth Brooks denies rape accusations
- Stubbs hits maiden century as South Africa make 343-4 against Ireland
- DR Congo to begin mpox vaccination campaign Saturday in east
- Odegaard injury has forced Arsenal to be 'different', says Arteta
- Ratcliffe refuses to guarantee Ten Hag's Man Utd future
- Meta must limit data use for targeted ads: EU court
Americans' spending, incomes grew in March amid high prices: govt
As their wages rose last month, Americans channeled more dollars towards services even as prices continued ticking higher, government data released Friday said.
The Commerce Department reported personal consumption expenditures (PCE) climbed 1.1 percent in March, almost twice what analysts expected, while incomes saw a forecast-beating 0.5 percent increase, both signs of continued resilience in the economy.
The data also confirmed the potency of the continued inflation wave hitting the world's largest economy, as prices rose 0.9 percent in the month, much more than the increase seen in February.
Compared to a year ago, they were up 6.6 percent, with energy prices shooting up 33.9 percent after Russia invaded Ukraine in February. Food prices jumped 9.2 percent.
PCE is the Federal Reserve's prefered price gauge and the strong demand coupled with high inflation will likely bolster the case for the central bank to raise rates by a half-percentage point when they meet next week, with more hikes to come in future months.
Most of March's spending went to services, which grew $114.6 billion, as consumers paid for international travel, accommodation and food services, among a wide range of business, the report said.
Goods outlays rose $70.4 billion, according to the data, as Americans spent more for gasoline but cut spending on durable goods, such as motor vehicles and parts, where prices have risen dramatically amid a global shortage of semiconductors.
Income rose due to a combination of increases in wages, farm revenues caused by higher food prices and a rise in interest payments.
While prices accelerated overall last month, "core" prices, which exclude volatile food and energy costs, showed signs of easing.
They were 5.2 percent higher compared to March 2021, slightly less than the annual increase seen in February. On a month-to-month basis, they rose 0.3 percent, the same as the month prior.
E.Borba--PC