Consumer Spending Falls for First Time in 12 Months

Following a one percent spike in consumer spending in March, April saw a -0.1 percent decline, the first drop in spending in one year, according to the U.S. Commerce Department, as tells The surge in March marked the largest increase in four years. Consumer spending accounts for 70 percent of all economic activity. While the decline reflects a drop in durable goods purchases such as automobiles and services including heating bills, analysts expect the upward overall movement to continue when May numbers come in. ##

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