Cooling Consumer Spending Points to Further Economic Slowdown
U.S. household spending slowed in May as Americans faced historically high inflation, raising the prospect that the economy could contract for a second straight quarter this year.Consumer spending cooled to a 0.2% advance in May, the Commerce Department said Thursday. That was the smallest monthly gain this year, and down from the revised 0.6% increase in April.
U.S. household spending slowed in May as Americans faced historically high inflation, raising the prospect that the economy could contract for a second…