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Consumer spending surges
By Allison Trobiano
On April 15, 2011
Although conditions like the cold weather, continuously rising gas prices, and Easter falling late looked to bring in weak numbers for U.S. consumer spending this past March, newly released data shows that shoppers have actually exceeded expectations.
Consumer spending makes up about 70% of the economy, according to the Associated Press, therefore it is critical towards U.S. economic recovery. The fact that it has increased for the ninth consecutive month shows promise for more improvement.
"I'm definitely excited to hear that things are turning around for our economy," said junior psychology major Dahna Shimony. "It's a really long process to come back from where we were, but it's great to see that we're moving in the right direction."
The report continued to say that 200,000 jobs have been added in both February and March. The unemployment rate also dropped a full percentage point to 8.8 percent over just the last four months.
"The unemployment dropping is definitely good news, especially for us college students," said junior finance major Ryan Bittman. "Most of us are graduating and entering this job market soon enough, so I obviously want to see more jobs available."
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