Thursday morning, the Commerce Department released its report on personal income and spending in the month of March, showing that income and spending both fell by a little more than economists had been expecting.
The report showed that personal income fell 0.3 percent in March following a 0.2 percent decrease in February. Economists had been expecting a slightly more modest decrease in income of about 0.2 percent.
The Commerce Department added that personal spending fell 0.2 percent in March following an upwardly revised 0.4 percent increase in the previous month. Spending had been expected to edge down 0.1 percent compared to the 0.2 percent increase originally reported for February.
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