For the first time in nearly one year, consumer spending in the United States fell month-to-month in April, according to the Commerce Department, Bloomberg reports.
Analysts had been expecting that figures would remain unchanged from March, when a 0.2 percent was observed, though this statistic was revised to 0.1 percent.
However, while consumers are spending less, they are more confident, a report by Thomson Reuters and the University of Michigan indicated. This study’s monthly consumer confidence index rose to 84.5 in May, its highest mark since before the financial crisis.