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Stockreport

U.S. Consumer Spending Cools While Inflation Tops Fed Goal [Bloomberg Business News]

BARCLAYS (BCS)  More Company Research Source: Bloomberg Business News
PDF LISTEN TO ARTICLE 4:02 U.S. consumer spending rose less than forecast in May as outlays on services fell and Americans saved more of their incomes. Inflation topped the Federal Reserve’s goal by more than expected. Purchases rose 0.2 percent from April after a 0.5 percent advance that was less than previously estimated, Commerce Department figures showed Friday. The Bloomberg survey median called for a 0.4 percent gain. Incomes advanced 0.4 percent, matching forecasts, and the Fed’s preferred price gauge rose 2.3 percent from a year earlier, the most in six years and slightly above projections. Adjusted for inflation, consumer spending was little changed in May, suggesting households may be taking a breather even as a solid labor market, elevated confidence and lower taxes point to an acceleration in second-quarter consumption and economic growth. At the same time, the pickup in inflation -- including a core measure that’s effectively at the Fed’s 2 per [Read more]

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