Consumer Spending Ticks Up More Than Expected
A tiny shot of good news amid otherwise dismal recent numbers: Consumers opened their wallets a bit more in May, spending 0.2 percent more than in April.
Jul 31, 20204K Shares682.3K Views
A tiny shot of good news amid otherwise dismal recent numbers: Consumers openedtheir wallets a bit more in May, spending 0.2 percent more than in April. Incomes rose 0.4 percent, and the savings rate increased as well, to the highest level since September. Economists expectedconsumer spending — which accounts for around 60 percent of the economy — to rise 0.1 percent.
The number is not bad, but also not particularly good. It is too low to show the kind of increases in aggregate demand that might help spur the economy to create more jobs, and therefore more evidence of a continuation of the painfully slow labor-market recovery ahead.
Camilo Wood
Reviewer
Camilo Wood has over two decades of experience as a writer and journalist, specializing in finance and economics. With a degree in Economics and a background in financial research and analysis, Camilo brings a wealth of knowledge and expertise to his writing.
Throughout his career, Camilo has contributed to numerous publications, covering a wide range of topics such as global economic trends, investment strategies, and market analysis. His articles are recognized for their insightful analysis and clear explanations, making complex financial concepts accessible to readers.
Camilo's experience includes working in roles related to financial reporting, analysis, and commentary, allowing him to provide readers with accurate and trustworthy information. His dedication to journalistic integrity and commitment to delivering high-quality content make him a trusted voice in the fields of finance and journalism.
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