May Personal Spending Flat, Income Up 0.3%
Tweet
Share
E-mail
Data from the Department of Commerce Monday showed a worse-than-expected rise in consumer buying activity for the month of May.
Personal spending for the month was flat on a month-over-month basis, compared to a gain of 0.3 percent in April and an expected reading of up 0.1 percent from economists on the Street. Personal income rose 0.3 percent, inline from April but below a 0.4 percent analyst estimate.
While unemployment over 9 percent and rising inflation were concerns last month, most pundits and analysts are pointing to higher gas prices for the soft data points.
The Street will get a number of readings on the housing market this week: S&P/CaseShiller on Tuesday and pending home sales on Wednesday. Weekly initial jobless claims, as always, are set to be released on Thursday.
Personal spending for the month was flat on a month-over-month basis, compared to a gain of 0.3 percent in April and an expected reading of up 0.1 percent from economists on the Street. Personal income rose 0.3 percent, inline from April but below a 0.4 percent analyst estimate.
While unemployment over 9 percent and rising inflation were concerns last month, most pundits and analysts are pointing to higher gas prices for the soft data points.
The Street will get a number of readings on the housing market this week: S&P/CaseShiller on Tuesday and pending home sales on Wednesday. Weekly initial jobless claims, as always, are set to be released on Thursday.
Create E-mail Alert Related Categories
Economic DataRelated Entities
Initial Jobless Claims, Pending Home Sales, Standard & Poor's, Personal Income/SpendingSign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
