from WSJ:
One of the positive takeaways from today's GDP report appears to be the resilient consumer. But digging deeper into that theory suggests there's some cause for concern.
Consumer spending rose at a 3.2% rate in the first quarter, the best pace since late 2010. Spending on durable-goods items — such as cars and dishwashers — jumped, as did spending in the construction sector.
But considering Americans were hit by higher taxes and rising gas prices and after-tax income fell sharply in the first quarter, how did they muster up the money to boost their spending?
Please read full and follow at: http://blogs.wsj.com/moneybeat/2013/04/26/gdp-takeaway-consumers-dip-heavily-into-savings/
