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U.S. households boosted spending for a fourth straight month in April, but the savings rate fell to the lowest in 14 years, suggesting many Americans are tapping savings to offset cost increases from inflation.
Consumer spending rose by a seasonally adjusted 0.9% last month, the Commerce Department said Friday, with households spending more on services and autos. The savings rate fell to 4.4%, from a downwardly revised 5% the prior month.
