Americans carry on spending
US consumer spending rose in March for a sixth straight month as households pushed savings to a one-and-a-half-year low, providing further evidence that consumers were starting to take a bigger role in the manufacturing-led recovery.
The Commerce Department said spending rose 0.6 per cent after rising by an upwardly revised 0.5 per cent in February, previously reported as a 0.3 per cent gain.
The data was reflected in the first-quarter gross domestic product report that was published on Friday.
Advertisement
Hide AdAdvertisement
Hide Ad"Consumer spending is recovering and in a broader context, the leadership in the recovery is transferring to the consumers from corporations even with a depressed job market," said Guy Lebas, fixed income strategist at Janney Montgomery Scott in Philadelphia.
US stock index futures held gains after the report, while Treasury debt prices hovered at lower levels.