US Consumer Spending Records Biggest Gain In More Than Six Years In April

U.S. consumer spending recorded its biggest increase in more than six years in April and inflation rose steadily, more signs of an acceleration in economic growth that could persuade the Federal Reserve to raise interest rates again as early as June.

The Commerce Department said on Tuesday consumer spending, which accounts for more than two-thirds of U.S. economic activity, surged 1.0 percent last month as households bought automobiles and a range of other goods and services.