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- U.S. consumer spending up 0.4 percent in May
U.S. consumer spending up 0.4 percent in May
The Commerce
Department reported on Friday that consumer spending in the U.S. rose 0.4
percent m-o-m in May, following a revised 0.6 percent m-o-m gain in April
(originally a 0.3 percent m-o-m increase). Economists had forecast the reading
to show a 0.4 percent m-o-m growth.
Meanwhile,
consumer income climbed 0.5 percent m-o-m in May, the same pace as in the
previous month. Economists had forecast a 0.3 percent m-o-m advance.
The May increase
in personal income primarily reflected increases in personal interest income,
wages and salaries, and government social benefits to persons, the report said.
The personal
consumption expenditures (PCE) price index, excluding the volatile categories
of food and energy, which is the Fed's preferred inflation measure, rose 0.2
percent m-o-m in May, following a 0.2 percent m-o-m advance in the prior month.
Economists had projected the index would increase 0.2 percent m-o-m.
In the 12
months through May, the core PCE increased 1.6 percent, the same pace as in the
12 months through April. Economists had forecast a gain of 1.6 percent y-o-y.
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