U.S. consumer spending surges in March, boosts growth outlook

U.S. consumer spending recorded its largest increase in more than four and a half years in March, cementing views the economy ended a dismal first-quarter on solid footing. The Commerce Department said on Thursday that consumer spending increased 0.9 percent after rising by a revised 0.5 percent in February. Economists polled by Reuters had forecast consumer spending, which accounts for more than two-thirds of U.S. economic activity, rising 0.6 percent in March. In March, consumer spending was buoyed by a 1.4 percent surge in goods purchases.

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