Consumer Spending Sluggish in March
Consumer spending rose at the slowest rate in five months in March while construction activity managed only a tiny gain, weighed down by further weakness in housing.
The Commerce Department reported that consumer spending on all items was up 0.3 percent last month, the slowest increase since a similar rise in October. Incomes rose by 0.7 percent, the fourth straight solid month of income growth.
Spending on building projects edged up a slight 0.2 percent in March as strength in hotel and shopping center contruction offset the 11th drop in housing activity over the past year.
The tiny 0.2 percent rise pushed total construction activity to a seasonally adjusted annual rate of $1.19 trillion in March, down 2 percent from a year ago, as the building industry has been hardhit by the slump in housing.
The Commerce Department reported that consumer spending on all items was up 0.3 percent last month, the slowest increase since a similar rise in October. Incomes rose by 0.7 percent, the fourth straight solid month of income growth.
Spending on building projects edged up a slight 0.2 percent in March as strength in hotel and shopping center contruction offset the 11th drop in housing activity over the past year.
The tiny 0.2 percent rise pushed total construction activity to a seasonally adjusted annual rate of $1.19 trillion in March, down 2 percent from a year ago, as the building industry has been hardhit by the slump in housing.
posted by Stock Administrator @ 4:02 PM
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