© Reuters. FILE PHOTO: A customer counts their cash at the register while purchasing an item at a Best Buy store in Flushing
WASHINGTON (Reuters) – US consumer spending rebounded in March amid a surge in income as households received additional money from the government to help the COVID-19 pandemic, laying a strong foundation for a greater acceleration in consumption in the second quarter. Consumer spending, which accounts for more than two-thirds of US economic activity, rose 4.2% last month after falling 1.0% in February, the Commerce Department said on Friday. Personal income rose 21.1% after falling 7.0% in February. Economists polled by Reuters had forecast that consumer spending would rise 4.1% and income 20.3%.
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