NEW YORK (
) -- Consumer spending grew at a slower than expected pace in April, as consumers felt the effects of higher gas prices.
The Commerce Department said personal incomes rose by 0.4% in April, after a growth of 0.5% in March. That was in line with consensus expectations. Disposable personal income rose 0.3%
Personal Consumption Expenditure rose 0.4% in April, after rising by a downwardly revised rate of 0.5% in March. Economists had expected personal spending to tick 0.5% higher in April after rising 0.6% in March, according to
Briefing.com.
Real disposable personal income, which adjusts for inflation, decreased by less than a tenth of a point. Real personal consumption expenditure increased by a tenth of a point, the same increase as in March.
The price index for PCE increased 0.3 % in April, compared with an increase of 0.4 % in March. The PCE price index, excluding food and energy, increased 0.2 %, compared with an increase of 0.1 %.
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Written by Shanthi Bharatwaj in New York
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