U.S. personal incomes and spending rose in April
The numbers: Consumer spending jumped 0.8% in April as Americans bought more new cars and other goods and services, underscoring the resilience of the U.S. economy in the face of higher interest rates.
Key details: Americans spent more last month on new cars as more models become available and dealers offered greater incentives. Yet vehicle sales have been up and down for months and that pattern is likely to continue.The U.S. savings rate fell for the first time since last year, to 4.1% from 4.5%. Savings had fallen in 2022 to the lowest level since 2005.
Big picture: Higher prices have forced households to pay more than they would like on everyday items, but Americans have increased spending even after inflation is taken into account. Whether consumers can keep it up will determine whether the U.S. avoids a recession. Higher borrowing costs have added to their stress, but rising wages and the lowest unemployment rate since the late 1960s are winds at their back.
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