Consumer spending is considered key to economic growth since it accounts for 70 percent of economic activity. The economy slowed to growth of 2.3 percent in the first quarter, reflecting a slowing in consumer spending. Many analysts believe stronger consumer spending this quarter will lift overall growth back to rates above 3 percent. An inflation gauge tied to consumer spending advanced 1.9 percent in March compared to 12 months ago. The 0.4 percent rise in spending reflected a 0.8 percent surge in spending on durable goods after two months of declines in this category which includes big-ticket items such as autos.

Source: ABC News April 30, 2018 12:33 UTC