Real consumer spending was essentially unchanged from March to April. While there was a slight decline from spending on services (down 0.05 percent), nondurables rose 0.15 percent and spending on durables rose 0.65 percent (month-over-month changes not pictured).

Real disposable personal income has grown for three consecutive months (up 0.12 percent in April, 0.33 percent in March, and 0.80 percent in February), but remains slightly below November levels. At 2.5 percent, the savings rate is about 1 percentage point below the average rate in 2012.

Real Personal Consumption Expenditures, seasonally adjusted, year-over-year percent change

Additional detail:

  • The increase in durable goods stemmed from furnishings and durable household equipment (up 1 percent from March) and recreational goods and vehicles (up 1.8 percent from March). Motor vehicles and parts, which has been mostly flat since November, declined slightly (down 0.12 percent from March).
  • Real disposable personal income is personal income minus taxes and adjusted for inflation.