Despite higher food and energy prices, consumer spending in the U.S. rose less than forecast for the month of April. Purchases rose 0.4 percent after a revised 0.5 percent gain the prior month that was smaller than previously estimated, Commerce Department figures showed today in Washington.
Ã¢â‚¬Å“When you account for higher food and energy prices thereÃ¢â‚¬â„¢s barely anything left for consumersÃ¢â‚¬Â to buy, said Mark Vitner, a senior economist at Wells Fargo Securities LLC in Charlotte, North Carolina. Ã¢â‚¬Å“We need to see job growth pick up and we need to see commodity prices continue to cool.Ã¢â‚¬Â
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