WASHINGTON (Reuters) – Consumer spending rose modestly in April, starting the second quarter on a soft note as high gasoline prices continued to squeeze household finances and keep inflation pressures simmering.
Further evidence of anemic economic activity was also offered by another report on Friday showing pending sales of previously owned homes plunged to a seven-month low in April.
Consumer spending increased 0.4 percent for a 10th straight month of gains, the Commerce Department said, after rising 0.5 percent in March. It also said annual inflation rose at its fastest pace in 12 months.
via news.yahoo.com
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