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Bureau of Economic Analysis data showed that personal income increased $50.3 billion (0.4 percent), and disposable personal income (DPI) increased $42.5 billion (0.4 percent) in March. Personal consumption expenditures (PCE) increased $29.6 billion (0.3 percent). Real (inflation-adjusted) DPI increased 0.2 percent while real PCE increased 0.1 percent.
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Consumers increased
spending on retail goods in March by a seasonally adjusted 0.8 percent. Excluding car and gasoline sales, retail sales increased 0.7 percent, better than February's gain for that category. Sales at electronics stores rose 1 percent, the most in five months.
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Total
consumer debt outstanding jumped by a seasonally adjusted $21.4 billion (10.2 percent annualized). Revolving (mostly credit card) debt rose by $5.2 billion (7.8 percent annualized), while non-revolving debt (mainly student and auto loans) increased by $16.2 billion (11.3 percent annualized). In March, student loans comprised over 78 percent of the increase in non-revolving debt.
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