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Consumer spending jumps in May

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Consumer spending jumps in May

Largest increase in almost six years.

Consumer spending increased $105.9 billion, or 0.9%, in May, it’s largest monthly increase in nearly six years, according to the Bureau of Economic Analysis.

Analysts had expected an increase of 0.7%.

Personal income increased $79.0 billion, or 0.5%, and disposable personal income increased $65.5 billion, or 0.5%, during the month. In April, personal income increased $69.6 billion, or 0.5%, DPI increased $57.0 billion, or 0.4%, and PCE increased $8.5 billion, or 0.1%, based on revised estimates.

Personal saving -- DPI less personal outlays -- was $685.5 billion in May, compared with $726.9 billion in April. The personal saving rate -- personal saving as a percentage of disposable personal income -- was 5.1% in May, compared with 5.4% in April.

The full report can be found here.

 

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