News
Consumer Spending Report Another Sign of Lackluster 1st Quarter
Consumer spending inched up just 0.1% last month, according to a Commerce Department report released today. Economists had predicted a 0.2% rise and took the news as another sign of tempered growth in the first quarter. Harsh winter weather across much of the country led to an increase in utilities spending. But households delayed big ticket purchases as the savings rate hit 5.8%, a number last seen in December 2012. The disappointing number follows news last week that home price appreciation had stalled and a recent report showing dismal new home construction starts thanks largely to the winter weather. [Reuters]
