الخميس , 23 نوفمبر 2017
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الرئيسية / سياسة / (English) U.S. personal spending weaker than expected in February, PCE ticks up
(English) U.S. personal spending weaker than expected in February, PCE ticks up

(English) U.S. personal spending weaker than expected in February, PCE ticks up

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–U.S. consumer spending increased less than forecast in February, though income rose in line with expectations, while core inflation ticked up, official data showed on Friday.

In a report, the Commerce Department said that personal spending increased 0.1% in February from the prior month, compared to expectations for a gain of 0.2% and the 0.2% rise in January. That was its smallest gain in six months.

Consumer spending is the single biggest source of U.S. economic growth, accounting for as much as two-thirds of economic activity.

Personal income, meanwhile, rose by a seasonally adjusted 0.4% in January, in line with expectations. That was after rising 0.5% a month earlier that was revised up from an initial 0.4% increase.

Meanwhile, the core PCE price index rose 0.2% in February from a month earlier, in line with forecasts and compared to the gain of 0.3% in the first month of the year.

The core PCE price index rose at an annualized rate of 1.8% in February, above forecasts for a 1.7% advance. January’s figure was revised upwards to 1.8% from the prior reading of 1.7%.

The Federal Reserve uses core PCE as a tool to help determine whether to raise or lower interest rates, with the aim of keeping inflation at a rate of 2% or below.

The report also showed that real personal consumption unexpectedly declined by a seasonally adjusted 0.1% last month, missing expectations for a gain of 0.2% and following a drop of 0.2% in January that was revised from an initial decrease of 0.3%

Following the report, EUR/USD was trading at 1.0682 from around 1.0688 ahead of the release of the data, GBP/USD was at 1.2480 compared to 1.2493 previously, while USD/JPY was at 111.90 from 111.83 earlier.

The US dollar index, which tracks the greenback against a basket of six major rivals, was at 100.35, compared to 100.32 ahead of the report.

Meanwhile, U.S. stock futures pointed to a lower open. The Dow futures dipped 6 points, or 0.03%, the S&P 500 futures lost 2 points, or 0.10%, while Nasdaq 100 futures slipped 1 point, or 0.01%.

Elsewhere, in the commodities market, gold futures traded at $1,240.00 a troy ounce, compared to $1,241.20 ahead of the data, while crude oil traded at $50.23 a barrel from $50.17 earlier.

 
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