CONSUMER SPENDING FLAT, INCOME DOWN 2.3%, PRICES UP 0.5% IN MAY

Key Points:

  • U.S. consumer spending was flat in May, falling below economists’ expectations of a 0.4% increase.
  • Personal income fell by $414.3 Billion, or 2.3%, in May as the impact of government stimulus faded.
  • The overall personal consumption expenditures price index rose 0.5% in May and is up 3.9% from a year prior.
  • The core personal consumption expenditures price index, which excludes food and energy, rose 0.4% in May and is up 3.4% from the previous year.
Source