Thursday, June 20, 2024

US Consumer Spending Continued to Grow in April

US consumer spending continued to grow in April, albeit at a slower pace, fueling optimism for a recovery.

According to the Associated Press, recent data from the Commerce Department shows consumer spending up 0.5% in April. That’s down from the 4.7% increase in March, an increase that was largely fueled by stimulus spending.

Nonetheless, a 0.5% increase indicates the economy is continuing its recovering from the pandemic recession, and provides evidence that consumer confidence is headed in the right direction.

Interestingly, individual incomes dropped a whopping 13.1% in April, but that is another data point largely caused by stimulus checks. With many Americans receiving a boost in March, a drop in April was to be expected.

Overall, the government estimates the economy grew 6.4% in the January to March quarter.

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