Investing.com - U.S. consumer spending slowed in May, according to a report released on Friday.
The Commerce Department said consumer spending, which accounts for more than two-thirds of U.S. economic activity, rose 0.2% last month, compared to forecasts for a 0.4% gain.
April’s reading was revised down to a 0.5% increase from the initial 0.6% advance.
The Federal Reserve's preferred inflation measure, the personal consumption expenditures (PCE) price index, excluding food and energy, rose 0.2% in May from the prior month.
That matched both expectations and the prior month’s reading.
The so-called core PCE increased 2.0% in the 12 months through May, above analyst estimates for a 1.9% rise and the 1.8% gain seen in April.
Personal income rose 0.4% last month, in line with forecasts
April’s reading was revised down to 0.2% from the initial 0.3% advance.
