U.S. households boosted spending for the fourth straight month in April, however they dipped deeply into their financial savings to take action.
Consumer spending rose by a seasonally adjusted 0.9% final month, the Commerce Department stated Friday. The saving charge fell to 4.4%, the bottom in 14 years, from a downwardly revised 5% the prior month, suggesting that many Americans are tapping their financial savings to offset value will increase from excessive inflation.