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U.S. consumer spending inches up in March

100 dollar bills being printed
$100 bills laying in stacks fresh after being printed. Photo: Mark Wilson/Getty Images

American consumers increased their spending by .4% in March after a relatively low spending first quarter, with no gain in February and a .2% increase in January, reports AP.

The big picture: Growth rates dipped below 3% after the first quarter but could rise again after this influx in spending. Consumer spending accounts for 70% of economic activity in the country and an increase in spending means growth for the economy.

The details: The decrease in spending plus bonuses made available from President Trump's latest spending bill allowed Americans to spend more at the end of the quarter, per Bloomberg.

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