US consumer spending up in April

| May 27, 2014

The Commerce Department has today reported a rise in consumer spending in the US for the month of April 鈥 due, in part, to higher food and energy costs.

Spending grew 0.4% on the month 鈥 the tenth consecutive monthly increase but the figure was less than analysts had expected.

Consumer spending is closely monitored as it accounts for approximately 70% of total economic output.

Meanwhile, the Commerce Department also said personal incomes rose 0.4% in April but disposable incomes showed no increase, adjusted for inflation.

Earlier this week, the Commerce Department said the US economy grew by annualised 1.8% in the first quarter 鈥 unchanged from the first estimate and less than analyst expectations of a 2.1% growth rate.

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