An inflation measure closely tracked by the Federal Reserve hit a 40-year-high. The Commerce Department’s Personal Consumption Expenditures (PCE) price index increased by 6.6 percent in the 12 months from March last year, the highest annual gain since January 1982, outpacing February’s year over year gain of 6.3 percent. The PCE price index shot up 0.9…

American consumer spending did better than expected in March, increasing by 1.1 percent amid strong demand for services, according to the Commerce Department on April 29. Economists are hopeful that the signs of positive consumer spending heading into the second quarter will offset fears of a recession, after the economy contracted in the first quarter. Consumers…