U.S. consumer spending increased moderately in May and prices rose slightly, poi...
WASHINGTON - U.S. consumer spending increased moderately in May and prices rose slightly, pointing to slowing economic growth and benign inflation pressures, which could give the Federal Reserve more ammunition to cut interest rates next month.
Data for April was revised up to show consumer spending advancing 0.6% instead of the previously reported 0.3 percent gain. Economists polled by Reuters had forecast consumer spending would rise 0.4% last month. Excluding the volatile food and energy components, the PCE price index climbed 0.2% last month after a similar gain in April. In the 12 months through May, the so-called core PCE price index increased 1.6%, matching April’s rise.
When adjusted for inflation, consumer spending rose 0.2% in May. This so-called real consumer spending increased by the same margin in April. The increase in real spending in the last two months suggested consumer spending was struggling to accelerate after slowing in the first quarter.
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