US Consumers Hit the Brakes While Goods Imports Sink by a Record

US consumers hit the brakes in April while goods imports plummeted by a record as companies adjusted to higher tariffs.

Inflation-adjusted personal spending rose 0.1% after rising 0.7% a month earlier, Bureau of Economic Analysis data showed Friday. Separate data showed an almost 20% slump in imports, leading to a massive narrowing in the US merchandise-trade deficit in April.