Consumer spending jumped $119.2 billion, or 1.0%, in April, according to the Commerce Department’s latest report, another indicator of strong economic growth. In March, consumer spending increased $3.7 billion, or less than 0.1%.
Wages and salaries increased were also up in April – $38.6 billion – compared with an increase of $30.7 billion in March. On the private side, wages and salaries increased $37.2 billion, while government wages and salaries grew by $1.4 billion.
Also pointing up in April were personal income (increased $69.8 billion, or 0.4%) and disposable personal income, or DPI, (increased $63.5 billion, or 0.5%).
Personal saving – DPI less personal outlays – was $751.1 billion in April, compared with $809.4 billion in March. The personal saving rate – personal saving as a percentage of disposable personal income – was 5.4%, compared with 5.9%.