Business
As long as the paychecks keep coming, spending can hold
Americans may enjoy it, but unless they start to care about the job market, don’t worry too much about them cutting back on their spending.
The Department of Commerce on Friday reported that consumer spending on goods and services up 0.9% in April compared to March. The figure was slightly more than economists’ estimates, and was on top of an upward revision from March’s spending figures. Notably, spending continues to outpace inflation – the Commerce Department said its inflation gauge (which is the Federal Reserve’s preferred gauge) rose 0.2% in April from a month ago there.