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Weak Consumer Spending in May

Flat for the first time in six months.

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Rick Bowmer / AP Photo

Chances are if you bought a brand-new car in May, you’re the only one on the block who did. May was the weakest month for consumer spending in six months, with virtually no gains in spending, said the Commerce Department on Friday. There was only a 0.1 percent rise in consumer spending—a disappointment after initial reports had claimed a 0.3 percent increase. The news sets a gloomy start to summer, since consumer spending drives two thirds of the U.S. economy. Analysts blamed stalled sales of motor vehicles, but they said that weak inflation pressure could help free more money for summer spending.

Read it at Reuters

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