Charting the Global Economy: Consumer Spending Weakens in US
Shoppers at Eastern Market in Detroit, Michigan.
Photographer: Emily Elconin/BloombergUS consumers are growing tired, according to fresh data that showed cutbacks in spending on big-ticket goods and services, extending a first-quarter demand slowdown.
Inflation-adjusted consumer spending dropped last month by the most since January. Americans also stepped back from the housing market as new-home sales slid by the most in three years. At the same time, Federal Reserve policymakers indicated they’re in little rush to lower interest rates.