US: Personal Income declines by 13.1% in April, Personal Spending rises by 0.5%
|- Personal Income in US fell sharply following March's upsurge.
- Personal Spending expanded at a modest pace in April.
The US Bureau of Economic Analysis (BEA) reported on Friday that Personal Income contracted by 13.1% in April. This reading came in slightly better than the market expectation for a decline of 14.1%.
"The estimate for April personal income and outlays was impacted by the continued government response to COVID-19," the BEA explained. "Economic impact payments associated with the American Rescue Plan Act of 2021 (which was enacted on March 11, 2021) continued but were at a lower level than in March."
Further details of the publication revealed that Personal Spending, which was up 4.7% in March, rose by 0.5% in April as expected.
Market reaction
This report doesn't seem to be having a significant impact on the greenback's performance against its major rivals. As of writing, the US Dollar Index was up 0.42% on a daily basis at 90.37.
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