Dive Summary:

• Despite a Bloomberg survey of economists predicting a 0.3% decrease in spending, April sales for retail businesses increased 0.1%, beating some initial predictions by economists.
• "We will not say that the consumer is back, but we will say that the impact of payroll taxes and other fiscal follies created by Washington politicians is hurting the economy less than analysts had cared to previously factor in,'' said Andrew Wilkinson, chief investment strategist at Miller Tabak.
• Americans are encouraged by being less afraid of losing their jobs and an increase in houses prices contributing to a rising net worth, according to reports.

From the article:

The gains are consistent with annualized growth in consumer spending of 1% to 1.5% after adjusting for inflation, Mizuho Securities USA chief economist Steven Ricchiuto said. Consumer spending accounts for about 70% of the economy.