US Personal Spending m/m

US Personal Spending m/m measures the monthly change in household consumption expenditure. It captures spending on goods and services and is a key input into assessing domestic demand, but it is not retail sales alone and is not automatically adjusted for inflation. Services, housing-related costs, health care and other categories can drive the result alongside goods spending. Read the headline with Personal Income, the saving rate, price data and revisions to judge whether spending is being supported by income or by a lower saving rate. The real, inflation-adjusted trend can differ from nominal growth. Markets compare the release with forecast because consumption is a large share of US activity and is linked to the PCE framework watched by the Fed. A single monthly move, however, does not determine policy or USD direction.