(MENAFN- AFP) US consumers reopened their wallets in April after holding tight in the first quarter, with spending registering the largest one-month jump in seven years, the Commerce Department reported Tuesday.
Consumer spending rose 1.0 percent over March, or $119.2 billion, compared with just a $3.7 billion gain the previous month.
The gain, better than economists had expected, was reassuring after a nearly flat January-March period that had some worried that US economic growth was running out of steam.
Other indicators in the Commerce Department report also supported a picture of steady, moderate growth.
Disposable personal incomes were up 0.5 percent from March, or by $63.5 billion. In a key indicator of inflation, the personal consumption expenditures price index added 0.3 percent and was up 1.1 percent year-on-year.
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