Households Boosted Spending in April but Drew Heavily on Savings

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.

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