Economics
US Consumer Spending Holds Up as Households Dip Into Savings
- Real spending increased 0.7% in April, most in three months
- Personal savings rate dropped to 4.4%, the lowest since 2008
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US inflation-adjusted consumer spending rose in April by the most in three months, indicating households were holding up in the face of persistent price pressures by dipping into savings.
Purchases of goods and services, adjusted for changes in prices, increased 0.7% from March, Commerce Department data showed Friday. Both goods and services spending advanced in April.