Consumer spending slowed in March

Consumer spending slowed in March

WASHINGTON

Americans increased their spending more slowly in March, suggesting some are worried that their paychecks aren’t growing fast enough.

The Commerce Department said Monday that consumer spending increased just 0.3 percent last month after a 0.9 percent gain in February.

Income grew 0.4 percent after a 0.3 percent gain in February. But after-tax income when adjusted for inflation increased just 0.2 percent in March. The gain followed two months of declines.

Consumer spending, which accounts for 70 percent of economic growth, rose 2.9 percent in the January-March quarter — the fastest pace in more than a year.

Energy Transfer to buy Sunoco for $5.3B

NEW YORK

Energy Transfer Partners is buying Sunoco in a $5.3 billion deal that creates one of the more-diverse pipeline companies in the country.

The acquisition includes nearly 8,000 miles of pipeline, as well as 4,900 gas stations in 24 Eastern states. Those stations will keep the iconic Sunoco brand name and its diamond-and-arrow logo. The deal also brings a refinery business that Sunoco is trying to get out of.

Energy Transfer is primarily a natural-gas pipeline company. Sunoco’s pipeline network will allow the Dallas company to expand into moving crude oil and refined petroleum products from the Great Lakes and Northeast to America’s refining center along the Gulf Coast. Sunoco’s pipelines have been in high demand recently thanks to a boom in drilling for gas and oil in U.S. shale-rock formations.

Associated Press