Consumer spending in US up 0.2%
Print Edition
US consumers lifted their spending modestly in May, disappointing economists who said the surprisingly weaker gain will mean a lesser economic rebound in the April-June quarter than many had hoped.
Spending rose just 0.2 percent last month after no gain in April, the Commerce Department said yesterday. The two months followed a robust spending surge of 0.8 percent in March.
Income rose 0.4 percent in May after a 0.3 percent April gain.
Last month’s 0.2 percent gain in spending was just half the increase that analysts had been hoping. Some said that unless June brings a big gain, spending may not offer as much support to the economy in the second quarter of the year as they had been expecting.
Paul Dales, senior US economist at Capital Economics, said consumer spending may rise 1.7 percent yearly in the quarter.
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