Consumer Spending Drops in April (As Reported by Shobhana Chandra via Bloomberg.Com)

The latest consumer spending numbers show that people in the US have slowed their spending in the wake of higher payroll taxes and broad cuts to government programs. Pundits might attribute the drop in consumer spending, the first such drop in more than a year, to hesitance and uncertainty in the broader economy. However, consumer confidence is reportedly higher. The one thing we don’t know from these numbers is whether or not there is any growth in savings rates. You can read the full story by clicking here.

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