Consumer Spending Rises by Most Since 2009
Personal spending rose 0.9% in March, the most since August 2009, the Commerce Department reported May 1.
The rise in consumer spending, which accounts for about 70% of the economy, topped economists’ forecast of a 0.6% increase, Bloomberg News reported.
February’s increase was revised up to 0.5% from an originally reported 0.3% gain.
Incomes gained 0.5%, the most since August, topping economists’ 0.4% forecast.
Spending on durable goods surged 2.7 % after adjusting for inflation, the biggest gain in four years, following a 1.3 % increase in February. Purchases of nondurable goods rose 0.9%.
