Consumer spending unexpectedly rose in March, temporarily boosted by demand for utilities due to colder weather, according to data on Monday that did little to alter a picture of a cooling in the economy.
The Commerce Department said consumer spending advanced 0.2 percent last month after a 0.7 percent rise in February.
The increase, which beat economists expectations for a flat reading, was driven by higher spending on services as outlays on utilities posted a second straight month of hefty gains. Spending on goods, a key measure of underlying demand, fell.
This is how swimmingly things are going for this economy-when there is what should be perceived as some unexpected good news it’s because it’s tied to some bad news. Key indicators are still down and most of the beginning of the year has been absolutely dismal. Look for the next remotely positive news to be trumpeted with as much fanfare as a cure for cancer.
Then settle in for the inevitable bad news to follow.
Four more years.