May Personal Spending Flat, Income Up 0.3%
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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.
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