US consumers take spending breather in May while inflation climbs
Al Jazeera
The engine of the US economy, consumer spending, was flat in May while inflation continued to rise.
Consumers in the United States maintained a brisk rate of spending in May, but incomes and savings fell as the windfall of government pandemic-related largesse fades and some states opt out of federal unemployment benefit programmes. Personal consumption expenditures (PCE) – a measure of consumer spending – was unchanged in May from the month before, the US Bureau of Economic Analysis (BEA) said on Friday, as an increase in spending on services was offset by a decrease in spending on goods. Adjusted for inflation, PCE fell 0.4 percent last month from April.
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