Consumer Spending in U.S. Unexpectedly Declines

American shoppers dialed it back in April after spending at the fastest pace in almost five years.

Household purchases unexpectedly fell 0.1 percent, the first decrease in a year, after a 1 percent gain the prior month that was the strongest since August 2009, Commerce Department figures showed today in Washington. After adjusting the figure to account for inflation, the news was worse: spending dropped by the most since September 2009 as income growth cooled.