US consumer spending inches up in March
{{#rendered}} {{/rendered}}U.S. consumers boosted their spending by a tiny amount in March as purchases of nondurable goods such as clothing offset a big fall in spending on autos and other long-lasting items.
The Commerce Department says spending edged up 0.1 percent last month after a 0.2 percent rise in February. Incomes rose a solid 0.4 percent.
Consumer spending, which accounts for 70 percent of economic activity, has been lackluster for the past four months. The weakness played a big role in the slowdown of overall growth in the first quarter when the economy expanded at a weak 0.5 percent rate. It was the slowest increase in two years.
{{#rendered}} {{/rendered}}Economists are hoping that continued solid job growth will spur stronger spending in coming months and help the economy grow at faster levels.