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Resiliency of consumer 'will eventually fade' -CIO

STORY: U.S. consumer spending increased more than expected in April, boosting the economy's growth prospects for the second quarter.

But consumer spending will ease in the coming months, Nicholson says, because "the availability of credit is going to shrink as banks tighten down their lending standards. Also, the consumer will eventually run down their savings and at that point we'll see things start to slow."