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Consumer spending drops in April

WASHINGTON — U.S. consumer spending dropped 0.2% in April 2013, according to the Commerce Department.

It was the first monthly decline since May of last year and follows increases of 0.1% in March and 0.8% in February. Falling gas prices in April were part of the reason for the drop in spending, with purchases of gas, electricity and other energy goods and services down 4.4%.

In addition, increased Social Security deductions in consumer paychecks may have also contributed to the decline in spending.

 

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