U.S. inflation-adjusted consumer spending rose in April by the most in three months, indicating households were holding up in the face of persistent price pressures by dipping into savings, Bloomberg News reported. Purchases of goods and services, adjusted for changes in prices, increased 0.7% from March, Commerce Department data showed Friday. Both goods and services spending advanced in April. The personal consumption expenditures price index, which the Federal Reserve uses for its inflation target, rose 0.2% from a month earlier and was up 6.3% from April 2021. The core PCE price index climbed 0.3% for a third month. Unadjusted for inflation, spending rose 0.9% from the prior month, while personal income climbed 0.4%.
