Weak consumer spending slowed the U.S. expansion to a crawl in the first quarter, a setback economists view as temporary as wage gains buttress household confidence.
Americans spent at the slowest pace since 2009, while a pickup in inflation ate into their income growth, the Commerce Department’s gross domestic product data showed Friday. But a separate report offered a sign that compensation could be perking up amid healthier overall demand, with wages and salaries rising at the fastest pace in almost nine years.
