U.S. consumer spending rebounded in March amid a surge in income as households received additional COVID-19 pandemic relief money from the government, building a strong foundation for a further acceleration in consumption in the second quarter, Trend reports with reference to Reuters.
Consumer spending, which accounts for more than two-thirds of U.S. economic activity, increased 4.2% last month after falling 1.0% in February, the Commerce Department said on Friday. Personal income jumped 21.1% after declining 7.0% in February. Economists polled by Reuters had forecast consumer spending increasing 4.1% and income surging 20.3%.