Despite a record jump in revenue, Netflix still failed to satisfy investors after announcing today that it had lost more than 800,000 subscribers in the past quarter, and will go into the red during the fourth quarter to pay for international growth.More >>
U.S. consumers cut back on spending in April for the first time in a year. The setback came after a huge increase in the previous month and should not raise concerns about an expected spring rebound in the economy.
The Commerce Department says consumer spending fell 0.1 percent in April, reflecting reductions in purchases of durable goods such as autos and in services such as heating bills. The drop was the first in 12 months, but it followed a 1 percent surge in spending in March, which had been the biggest increase in more than four years.
Income rose 0.3 percent in April after a 0.5 percent March gain.
The overall economy shrank in the first quarter, but economists expect a strong rebound this quarter.
Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.