Americans continued to spend at a steady pace through the spring, helping support economic growth and hiring even as higher prices for fuel, groceries and other essentials placed increasing strain on household finances.
Consumer spending, which accounts for roughly two-thirds of U.S. economic activity, rose 0.5% in April following a stronger gain in March. The spending increase came despite a surge in energy prices following the Iran war, which pushed gasoline costs sharply higher across the country and increased transportation expenses for consumers and businesses alike.
