May Personal Spending Remains Steady; Incomes Rise 0.2%

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ersonal spending remained steady in May, after rising in each of the previous three months, the Commerce Department said Thursday.

The static spending level, which was forecast to rise 0.1% in May, followed a 0.6% rise in April.

An increase in consumer spending could increase demand for new factory goods and the trucking shipments that get them to stores.

Personal incomes, meanwhile, rose 0.2% in May, following a 0.6% rise in April that had been originally reported at 0.7%, Commerce said. The May increase was below economists’ estimate of 0.3%, Bloomberg reported.

May spending on durable goods such as automobiles and furniture fell 2%, following a 0.6% increase in April.

Spending on non-durable goods was unchanged following a 0.6% rise. Spending on services, which account for about 60% of all purchases, rose 0.4% following no change in April.