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U.S. consumer spending picking up, gasoline prices a burden

Reuters  |  WASHINGTON 

By Lucia MutikaniWASHINGTON (Reuters) - U.S. retail sales rose moderately in April as rising gasoline prices cut into discretionary spending, but consumer spending appeared on track to accelerate after slowing sharply in the first quarter.Stronger consumer spending supports economists' expectations that the Federal Reserve will raise interest rates next month. The U.S. central bank lifted borrowing costs in March and has forecast at least two more rate hikes for this year."The steady spending results today on the part of consumers will keep the Fed on course to raise interest rates at a ...

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First Published: Tue, May 15 2018. 20:07 IST
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