U.S. personal spending quickens in April amid rise in wage growth

Investing.com -- The pace of U.S. consumer expenditures sped up in April despite Americans feeling the pinch from spiking interest rates and elevated price growth.

According to data from the Commerce Department's Bureau of Economic Analysis (BEA) on Friday, personal consumption adjusted for inflation rose by 0.5% on a monthly basis, speeding up from a flat rate in March.

Shoppers shelled out cash on expensive items like cars and auto parts, while also spending more on insurance and financial services, the BEA said.

Meanwhile, personal income expanded by 0.4% month-on-month, accelerating from a prior reading of 0.3%, with compensation being led by private wages and salaries.

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