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US Consumer Spending and Income Rise Moderately in May

Consumer spending in the US, which accounts for two thirds of the economy, rose by 0.4% with increased spending on motor vehicles, eating at restaurants, and hotel accommodation. Income rose by 0.5%.

Key Takeaways

  • US consumer spending rose by 0.4%, slightly below expectations of a 0.5% gain and the 0.6% rise seen the month before which was revised upward from 0.3%.
  • Personal income in the US rose above expectations of 0.3% in May with the 0.5% gain matching that seen in April.

The Commerce Department released a report on Friday stating that consumer spending had increased on autos, hotel accommodation, and eating in restaurants. Data for April was revised upward by 0.6%, double the initially reported 0.3% gain. Economists had predicted a 0.4% - 0.5% rise.

The central bank has downgraded its inflation projection from 1.8% to 1.5% for 2019, and Fed Chairman Jerome Powell is no longer referring to tame inflation pressures as being “transient”. The Federal Reserve may have more reason to implement interest rate cuts next month with sub-expectation growth in personal spending and only moderate growth in incomes as well as tame inflation pressure in general.

Adjusted for inflation, consumer spending rose 0.2% in May. This metric, referred to as “real consumer spending,” rose by the same amount in April. The modest gains indicate that spending is struggling to gain momentum after slowing down in Q1.

Consumer spending rose 0.9% annually in Q1, the slowest rate in a year. The economy grew 3.1% in Q1, boosted by exports and stockpiled inventory as well as government spending on defense and infrastructure such as highways. Spending on goods last month rose by 0.5%, with durable goods like motor vehicles rising 1.7%, while spending on services rose by 0.4%.

Incomes rose by 0.5%, while wages gained 0.2%. Savings rose to $985.4 billion from $975 billion in April.

Market Reaction

Spot gold is down 0.04% on the day and last traded at $1,411.05/oz with a high of $1,423.85/oz and a low of $1,406.44/oz. Gold continues to hold above critical support above the $1,400 mark and has seen little reaction to the recent news of tame inflation pressure.