MORE SPENDING, INCOME: Consumer spending and income both rose 0.2 percent last month, the Commerce Department said Monday.
CONSUMER RESILIENCE: The gains suggest modest wage growth is helping offset an increase in Social Security taxes that took effect on Jan. 1. On Friday, the government said consumer spending rose from January through March at the fastest pace in more than two years.
SLOWER RETAIL: Still, consumers may be starting to feel the impact of the tax increase, based on other reports. Sales at retail stores and restaurants fell in March by the most in nine months.
- Consumer spending
- Commerce Department