The U.S. Commerce Department released personal spending and income figures on Friday. Personal spending rose 0.1% in March, missing expectations for a 0.2% gain, after a 0.2% increase in February. February's figure was revised up from a 0.1% rise.

Consumer spending makes more than two-thirds of U.S. economic activity. Consumer spending grew 1.9% in the first quarter, the slowest pace since the first quarter of 2015, after a 2.4% increase in the fourth quarter.

This data suggests that American consumers remained cautious.

The saving rate climbed 5.4% in March from 5.1% in February.

Personal income increased 0.4% in March, exceeding expectations for 0.3% rise, after a 0.1% gain in February. February's figure was revised down from a 0.2% increase.

Wages and salaries were up 0.7% in March.

The personal consumption expenditures (PCE) price index excluding food and energy rose 0.1% in March, in line with forecasts, after a 0.2% gain in February. February's figure was revised up from a 0.1% gain.

On a yearly basis, the PCE price index excluding food and index fell to 1.6% in March from 1.7% in February.

The PCE index is below the Fed's 2% inflation target. The PCE index is the Fed's preferred measure of inflation.