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Friday
May272011

Consumer Spending, Personal Incomes Rise 0.4% in April

Brand X Pictures/Thinkstock(WASHINGTON) -- American consumers spent more and earned more in April, but the numbers are not as good as they may look. Both spending and incomes rose 0.4% last month and if it wasn't for inflation, that would be a reasonably strong gain. But the Commerce Department says most of the increase was eaten up by higher gas and food costs. Because of this, there's little left over for increased spending on other products.

The savings rate was unchanged in April, now at its lowest average in two and a half years.

Copyright 2011 ABC News Radio

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