US personal consumption misses forecast
US personal consumption grew less than expected in the first quarter of the year, data released on Friday showed.
According to the Commerce Department, personal consumption grew at a 1.8% annualised rate in the first quarter, revised down from an initial estimate of 1.9%.
Analysts had expected a 2% gain, following a 4.4% jump in the previous quarter.
Consumers’ purchasing power grew, with disposable income adjusted for inflation climbing 5.3%, while the saving rate rose 0.8% to 5.5%.