US consumer spending rose for a third month in April, matching expectations with a 0.2% monthly increase. Profiling consumption expenditures on a real (inflation-adjusted) year-over-year basis suggest the trend still looks resilient via a 3.2% increase (see chart below). Notably, the year-over-year change for real disposable income (DPI) continued to rebound, rising to a 2.9% pace. The pickup in DPI in recent months suggests that the consumer sector will continue to grow in the near term and provide timely support for the economy that’s facing tariff-related headwinds.
