U.S. consumer spending, underlying inflation slow in May
U.S. consumer spending rose less than expected in May as motor vehicles remained scarce while higher prices forced cutbacks on purchases of other goods, another sign that the rebound in economic growth early in the second quarter was losing steam.
This key inflation measure held steady in May
An inflation gauge closely followed by the Federal Reserve showed consumer prices remained flat in May, indicating that inflation had yet to abate despite the central bank's initial efforts to cool the economy.
Key inflation gauge tracked by the Fed remains a high 6.3%
WASHINGTON (AP) — A measure of inflation that is closely tracked by the Federal Reserve jumped 6.3% in May from a year earlier, unchanged from its level in April. Thursday's report from the Commerce Department provided the latest evidence that painfully high inflation is pressuring American households and inflicting particular harm on low-income families and people of color.
Consumer spending growth slows in May, as higher prices weigh on the economy
Consumer spending has so far been a bright spot in the U.S. economy, even as inflation hits 40-year highs. But household spending slowed in May, compared with April.