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US Consumers Boosted Their Spending by 0.5% In April

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A customer walks behind a sign at a Nordstrom store seeking employees, Friday, May 21, 2021, in Coral Gables, Fla. The number of Americans seeking unemployment benefits dropped last week to 406,000, a new pandemic low and more evidence that the job market is strengthening as the virus wanes and economy further reopens. (AP Photo/Marta Lavandier)

(AP) — Americans increased their spending by 0.5% in April, a slowdown after a massive gain in March which had been powered by distribution of billions of dollars in individual stimulus checks. Even with the slowdown from a 4.7% surge in spending in March, the April increase provided further evidence that consumers are driving a strengthening recovery from the pandemic recession. Friday’s report from the Commerce Department also showed that personal incomes, which provide the fuel for spending, declined 13.1% in April. But the drop in income was expected, having followed a record 20.9% income gain in March that reflected billions in one-time stimulus checks to most adults.

 

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