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The meager increase in spending took place against a backdrop of slowing inflation. The PCE index, the Federal Reserve’s preferred inflation gauge, fell 0.1% to mark the second decline in three months. What’s more, the 12-month rate of inflation tapered off to 1.4% in May from 1.7% in the prior month and a five-year high
READ MOREAmericans barely increased spending in May and choose to save more money instead even as decelerating inflation gave them more bang for the buck. Consumer spending rose 0.1% last month after back-to-back 0.4% gains in April and March, the Commerce Department reported Friday. That matched the Market watch forecast of economists.
READ MOREThe Chicago Purchasing Managers Index was at 65.7 in the month, blowing past economists’ estimates. Economists polled had expected a reading of 58.0, down from the 59.4 reading reported a month earlier. A reading above 50.0 indicates expansion in the economy.
READ MOREGross domestic product, the official scorecard for the economy, expanded at a 1.4% annual pace in the first quarter, revised figures show. That’s a few ticks better than the prior 1.2% reading and double the initial 0.7% estimate.
READ MOREThe number of Americans applying for unemployment benefits rose slightly in late June but still remained extremely low, reflecting the strength of a U.S. labor market that shows no sign of wilting.
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