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Economists Estimate Consumers’ Shift to Travel and Dining Out Boosted March Spending
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Consumer spending, the backbone of the U.S. economy, is estimated by economists to have accelerated in March as rising wages propelled Americans to spend more on services like dining out and travel.
Economists surveyed by The Wall Street Journal estimate that consumer outlays rose by 0.7% in March from the prior month, up from a 0.2% rise in February. Those spending estimates aren’t inflation-adjusted. The Commerce Department will release a report on consumption and inflation in March at 8:30 a.m. ET Friday.
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