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U.S. personal spending quickens in April amid rise in wage growth

Investing.com -- The pace of U.S. consumer expenditures sped up in April despite Americans feeling the pinch from spiking interest rates and elevated price growth.

According to data from the Commerce Department's Bureau of Economic Analysis (BEA) on Friday, personal consumption adjusted for inflation rose by 0.5% on a monthly basis, speeding up from a flat rate in March.

Shoppers shelled out cash on expensive items like cars and auto parts, while also spending more on insurance and financial services, the BEA said.

Meanwhile, personal income expanded by 0.4% month-on-month, accelerating from a prior reading of 0.3%, with compensation being led by private wages and salaries.

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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 71.4% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.