U.S. consumer spending falls slightly in May
WASHINGTON (MarketWatch) - Consumer spending in the U.S. fell slightly in May and was revised downward in April, according to the latest government data. Spending declined by less than 0.1% last month, the Commerce Department said Friday. And spending for April was revised down to a 0.1% increase from an original 0.3% gain. Personal income, meanwhile, rose 0.2% in May, while disposable income adjusted for inflation climbed 0.3%, reflecting a decline in energy costs. Economists surveyed by MarketWatch had forecast no increase in spending and a 0.2% rise in personal income. Since incomes rose faster than spending, the personal savings rate rose to 3.9% from 3.7%. Also in May, inflation as gauged by the PCE price index fell 0.2%. Excluding food and energy, the price index rose 0.1%.