May Personal Spending Remains Steady; Incomes Rise 0.2%
ersonal spending remained steady in May, after rising in each of the previous three months, the Commerce Department said Thursday.
The static spending level, which was forecast to rise 0.1% in May, followed a 0.6% rise in April.
An increase in consumer spending could increase demand for new factory goods and the trucking shipments that get them to stores.
May spending on durable goods such as automobiles and furniture fell 2%, following a 0.6% increase in April.
Spending on non-durable goods was unchanged following a 0.6% rise. Spending on services, which account for about 60% of all purchases, rose 0.4% following no change in April.
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