U.S. consumer spending slips, income stagnates
The Boston Herald - 06/01/2013
Spending in the U.S. dropped for the first time in a year and income stagnated according to the U.S Department of Commerce’s report yesterday on the April economy — released even as consumer confidence numbers hit a six-year high.
The report showed the first drop in spending since last May — a 0.2 percent slip that came after a strong first quarter, including a 0.8 percent jump in spending in February.
“The economy is in a bit of a soft patch,” said Alan Clayton-Matthews, an economist at Northeastern University. “The spending cutbacks and sequestration are affecting household disposable incomes.”