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Consumer Spending in U.S. Unexpectedly Declines

Bloomberg (05/30/14) Shobhana Chandra

Consumer spending unexpectedly declined in April after the biggest increase in almost five years. Household purchases, which comprise about 70% of the economy, fell 0.1%, the first decrease in a year, after a revised 1.0% increase a month earlier, according to the U.S. Department of Commerce. Seventy-seven economists polled by Bloomberg had forecast a 0.2% increase.