U.S. consumer spending slows
Consumer spending slowed in April while inflation was up, but still far below the target set by the Federal Reserve. The Commerce Department said Friday that spending increased 0.3 percent in April following a 1.1 percent surge in March that had been the largest increase in nearly a decade. Personal income growth, which had been lagging in recent months, jumped 0.5 percent in April. Inflation, as measured by a gauge tied to consumer spending, increased 1.5 percent in April compared with a year ago, up slightly from a 1.4 percent 12-month change in April.