Friday, August 5, 2011

Consumer Spending Slows

Friday, August 5, 2011

Spending by Americans slowed in April, a sign that rising prices for gasoline and groceries squeezed the economic recovery going into spring.

Another disappointing report Friday on the struggling recovery showed the National Association of Realtors trimmed its forecast for home sales in 2011.

Consumer spending in the U.S. last month gained 0.4%, less than March's downwardly revised 0.5% increase. And when adjusted for inflation, spending went up only 0.1% for a second month in a row.

The Commerce Department report said Americans' incomes grew modestly and that they saved at a rate of 4.9%, the lowest level since October ...

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