Household Spending Withstands the Oil Shock
Someone forgot to tell American consumers that they are supposed to be deeply depressed.
Consumer spending rose by 0.5 percent in April, according to the personal consumption expenditure figures released by the Bureau of Economic Analysis on Thursday. In the two months since the U.S. war with Iran started and gasoline prices began surging, spending is up 1.49 percent. That annualizes to a gain of 9.3 percent. Compared with one year ago, consumers are spending 3.9 percent more.
While it is true that the 25 percent rise in prices in March and April played a significant role in pushing up spending, this…
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