Consumers showed some reluctance to open their wallets last month, even though their incomes increased.
Figures released by the Bureau of Economic Analysis (BEA) show personal consumption expenditures (PCE) fell by $8.1 billion, or 0.1%. Personal income, on the other hand, increased $43.7 billion, or 0.3%, with disposable personal income (DPI) also up 0.3%.
PCE had increased $117.6 billion, or 1.0%, in March , while personal income was up 0.5%, as was DPI.
Wages and salaries
Private wages and salaries rose in April, but not as much as they did the month before: $16.9 billion vs. of $44.6 billion in March. Payrolls of goods-producing industries fell $0.1 billion in March, while manufacturing were down $1.2 billion. Services-producing industries' payrolls jumped $16.9 billion, and government wages and salaries rose $1.4 billion.
Spending and saving
Personal outlays, which include PCE, personal interest payments, and personal current transfer payments, fell by $9.1 billion in April; they rose $120.2 billion in March. PCE was down $8.1 billion after rising $117.6 billion a month earlier.
Personal saving -- DPI less personal outlays -- was $518.1 billion in April, compared with $464.4 billion in March. The personal saving rate -- personal saving as a percentage of disposable personal income -- was 4.0% in April, compared with 3.6% in March.
The complete incomes and spending report is available on the BEA website.