Posted by: youngragingbull | May 31, 2013

U.S. consumer spending falls 0.2% in April

U.S. consumer spending fell 0.2% in April on a seasonally adjusted basis, the sharpest drop in almost a year, the Commerce Department said Friday. In addition, an increase in consumer spending in March was revised down to 0.1% from 0.2%.

Economists surveyed by media outlets were expecting a 0.1% decline in consumer spending last month.

Personal income, meanwhile, decreased “less than 0.1%” in April after a revised 0.3% gain in March, mostly because of lower rents and farm-related earnings as wages rose slightly.

The personal savings rate held firm at 2.5% and remains near a five-year low.

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