Consumer Spending in U.S. Rose by Most in Five Months

Consumer spending in the U.S. rose in March by the most in five months, pointing to a recovery that may accelerate when the economy creates more jobs.

Growing demand at retailers such as Macy’s Inc. and Starbucks Corp. boost the odds hiring will accelerate, leading to a sustainable economic rebound. Household spending, which accounts for about 70 percent of the economy, may contribute more to the expansion in coming months as incomes rise. “Consumers are resilient and they’re going to do what they’ve continued to do over many business cycles,” said Ward McCarthy, chief financial economist at Jefferies & Co. Inc. in New York. “As soon as they have the means, they will spend it. Consumer spending will support economic activity.”

Read Full Article from The Associated Press

- Posted: 2010-05-03 10:57:05

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