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Bureau of Economic Analysis data showed that personal income increased $31.7 billion (0.2 percent), and disposable personal income (DPI) increased $22.0 billion (0.2 percent) in April. Personal consumption expenditures (PCE) increased $31.8 billion (0.3 percent). Real (inflation-adjusted) DPI increased 0.2 percent while real PCE increased 0.3 percent.
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Consumers increased
spending on retail goods at a slower pace in April (0.1 percent, seasonally adjusted). Excluding car sales, retail sales also increased 0.1 percent.
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Total
consumer debt outstanding jumped by a seasonally adjusted $6.5 billion (3.2 percent annualized). Revolving (mostly credit card) debt declined by $3.4 billion (-4.8 percent annualized), while non-revolving debt (mainly student and auto loans) increased by $10.0 billion (+7.1 percent annualized). In April, student loans comprised over two-thirds of the increase in non-revolving debt.
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