Consumers made less, spent less and saved more last month.
Personal income fell .3%, disposable personal income stayed unchanged, and personal consumption spending fell .2% the Commerce Department reported today.
But consumers, fearful of losing their jobs or other financial hardships, continued to save more. Personal saving as a percentage of disposable income was 4.2% in March, compared with 4% in February.
The decline in personal income compares with a .2% drop in February. The disposable personal income figure was unchanged for the second consecutive month. And the decrease in personal consumption expenditures follows .4% increase in February.
Today's data is further evidence of the recession. Yesterday, the Commerce Department reported that the Gross Domestic Product fell 6.1% during the first quarter of 2009.
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