U.S. consumer spending dips; inflation creeps up

U.S. consumer spending fell for the first time in a year in April after two months of solid gains, but the decline is likely temporary given a strengthening jobs market. The Commerce Department said on Friday consumer spending dipped 0.1 percent, which was the first decline since April 2013. "The disappointing spending report should be viewed in the context of a stronger handoff into the second quarter," said Gennadiy Goldberg, an economist at TD Securities in New York. "We look for ongoing labor market progress to encourage further growth in consumer spending."

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