“Consumers are benefiting from moderate income growth and wealth effects, and they’re not facing the headwinds of tax increases in the way they did last year,” said Mr Dean Maki, chief US economist at Barclays in an interview before the report was released.
Household purchases, which account for about 70 per cent of the economy, climbed 0.9 per cent, the most since August 2009, after a 0.5 per cent gain in February that was larger than previously estimated, showed Commerce Department figures released yesterday.Ĭontinued gains in employment will probably lift consumer confidence and give households the means to spend after an unusually harsh winter weather held back the world’s largest economy.
WASHINGTON - Consumer spending surged in March by the most in almost five years as warmer weather brought shoppers back to auto-dealer lots and malls, a sign that the United States economy gained momentum heading into the second quarter.
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