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Consumer spending drops in April
WASHINGTON — U.S. consumer spending dropped 0.2% in April 2013, according to the Commerce Department.
It was the first monthly decline since May of last year and follows increases of 0.1% in March and 0.8% in February. Falling gas prices in April were part of the reason for the drop in spending, with purchases of gas, electricity and other energy goods and services down 4.4%.
In addition, increased Social Security deductions in consumer paychecks may have also contributed to the decline in spending.
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Costco sets goal of 150 new stores in five years
NEW YORK — Costco Wholesale Corp. is looking to open approximately 150 locations over the next five years, CFO Richard Galanti said on the company’s quarterly conference call with investors.
“And if we get a little better than that, great,” he added. “But that’s certainly a good starting point given where we’ve come over the last few years.”
Of the total, about 55 of the new units would be in the United States, with the rest located in Canada or foreign markets.
