News Summary: US consumer spending falls 0.2 pct.
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Source: Business News
Originally published: May 31, 2013 - 2:48 pm
Originally published: May 31, 2013 - 2:48 pm
(AP) - SPENDING FALLS: Consumer spending dropped a seasonally adjusted 0.2 percent in April, the Commerce Department said Friday. That was the first decline since last May. A drop in gas prices likely lowered overall spending
INCOME FLAT: Income was unchanged last month, after a 0.3 percent rise in March. Wages and salaries barely grew, while government benefit payments fell.
TEMPORARY HITCH?: The retrenchment in spending indicates consumers may be starting to feel the impact of higher taxes. But a separate report Friday showed consumer confidence rose to a six-year high in May, suggesting the decline in spending will be temporary.
(Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)
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