U.S. Consumer Spending and Personal Income Rose in May

U.S. consumer spending rose in May, a sign consumers may be gaining confidence in the economic recovery. Purchases gained 0.2 percent from a month earlier, while personal income advanced 0.4%, the Bureau of Economic Analysis said on its website.

Personal saving rose to 4% of disposable income.

"The labor market is gradually improving, labor income is picking up and that should continue to support spending," Michael Feroli, chief U.S. economist at JPMorgan Chase & Co. in New York, told Bloomberg News before the report. "We see a solid, trend-like growth in spending" in coming months.
Read Full Story

Markets

DJIA 24,100.51 -496.87 -2.02%
NASDAQ 6,910.67 -159.67 -2.26%
NIKKEI 225 21,506.88 132.05 0.62%
HANG SENG 26,116.69 21.90 0.08%
DAX 10,865.77 -58.93 -0.54%
USD (per EUR) 1.13 0.00 0.11%
JPY (per USD) 113.40 0.02 0.02%
GBP (per USD) 1.26 0.00 0.09%
USD (per CHF) 1.00 0.00 -0.03%