US consumer spending jumps in May

GMT 16:20 2015 Thursday ,25 June

Arab Today, arab today US consumer spending jumps in May

Consumer spending
Washington - Arab Today

US consumer spending registered its biggest monthly gain in nearly six years in May, rebounding from a weak April, the government said Thursday, pointing to momentum in the economy.

Consumer spending, which accounts for more than two-thirds of US economic activity, leaped a stronger-than-expected 0.9 percent in May, the sharpest growth since August 2009, after only a 0.1 percent gain in April, according to Commerce Department data.

Analysts on average had forecast a 0.7 percent increase in consumer spending last month.

Personal income rose for a second straight month by 0.5 percent. Growth in disposable personal income accelerated slightly to 0.5 percent.

Inflation remained muted, well below the Federal Reserve's 2.0 percent longer-term target for price stability.

The Fed's preferred inflation measure, the personal consumption expenditures price index, rose 0.3 percent in May after rising less than 0.1 percent in April. Stripping out volatile food and energy, the core PCE price index edged up 0.1 percent for the second month in a row.

Year-over-year, PCE was up 0.2 percent for the second straight month, while core PCE slipped a tenth point, to 1.2 percent.


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