US Consumer Spending Picking Up; Gasoline Prices a Threat

U.S. retail sales increased marginally 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. The economic outlook got a boost from other data Tuesday showing factory activity regaining momentum in May on strong orders growth. While manufacturers reported paying more for raw materials, they were absorbing much of the higher costs, a sign inflation will probably continue to...

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