Economic Reports

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Consumer spending decreased modestly in March from the previous month after adjusting for inflation and seasonality. However, average spending on most goods and services is higher than it was the same month last year, in large part driven by high-income adults who continue to be particularly likely to splurge on discretionary services like vacations. At the same time, middle and low earners have been more moderate in their spending, opting to save and pay down debts at higher rates.