Consumer Spending Rises More Slowly in March

Washington, DC, April 30, 2012 -- U.S. consumer spending slowed in March, while income rose at a faster pace, according to the Commerce Department.

The government said that personal spending increased 0.3% in the month, well down from the 0.9% jump in spending the month before.

That was weaker than the 0.5% gain in spending forecast by economists.

Adjusting for higher prices in the month, spending increased only 0.1%.

Income increased a little faster, rising 0.4%, which was an improvement from the 0.2% gain the previous month.

It was the first time since December that income growth outpaced spending increases.