Consumer Spending Weakest in 8 Months Despite Solid Income Growth
Consumer spending grew at the weakest pace
in 6 months in March, despite solid income growth and good news on a key
inflation reading in the government's latest measure of the U.S. economy.
The weak spending came even as the report showed individual incomes jumped
0.7% in March.
Spending by consumers rose just 0.3% in March, the Commerce Department reported Monday, down from the revised 0.7% rise in February. It was the slowest growth in spending since September and followed three straight months with increases of of 0.6% or better.
