us consumer spending stalls at 6month low
Last Updated : GMT 02:09:47
Arab Today, arab today
Arab Today, arab today

US consumer spending stalls, at 6-month low

Arab Today, arab today

Arab Today, arab today US consumer spending stalls, at 6-month low

Washington - Arabstoday

US consumer spending stalled in May as purchases of automobiles flagged while confidence dropped to a six-month low in June, the latest signs of trouble for the economy. Although another report Friday showed manufacturing activity in the Midwest picked up this month, factories saw a modest decline in new orders. The Commerce Department said consumer spending was unchanged in May, failing to rise for the first time since November, after nudging up 0.1 percent the previous month. Consumer spending accounts for more than two-thirds of U.S. economic activity. “We’re seeing consumer spending come off the boil a bit over the last few months. That’s to be expected, given uncertainty across the board and the troubling headlines we’ve seen,” said Omer Esiner, the chief analyst at Washington-based Commonwealth Foreign Exchange. Spending could weaken further as uncertainty generated by the debt crisis in Europe and an unclear fiscal policy path at home force Americans to scale back on consumption. A separate report showed the Thomson Reuters/University of Michigan’s consumer sentiment index fell to 73.2 in June from 79.3 in May. While the outlook for the economy has darkened in recent months, it continues to expand modestly. A third report showed factory activity in the Midwest ticked up in June, with employment rising to its highest level since February. New orders, however, edged down. The Institute for Supply Management-Chicago business barometer rose to 52.9 this month from 52.7 in May. A reading above 50 indicates expansion in the regional economy. “The message from Chicago is that things are not spiraling down out of control,” said Dean Maki, chief economist at Barclays in New York. The reports had little impact on U.S. financial markets, with investors focused on developments in Europe. Eurozone leaders agreed to allow a rescue fund to be used to stabilize the region’s banks, sending stocks on Wall Street rallying. United States Treasury debt prices fell while the dollar weakened against basket of currencies. Consumer spending rose 0.1 percent after adjustment for inflation in May. The small rise caused economists to tweak their second-quarter growth forecasts. Economists at Goldman Sachs lowered their gross domestic product estimate to a 1.6 percent annual pace from 1.7 percent. The economy expanded at a tepid 1.9 percent rate in the first quarter. While weak gasoline prices contributed to holding down spending last month, they put downward pressure on inflation. A price index for personal spending fell 0.2 percent in May, the first decline in a year. The index was flat in April. In the 12 months through May, the PCE index was up 1.5 percent, the smallest increase since January last year. It increased 1.9 percent in April. A core measure that strips out food and energy costs advanced 0.1 percent last month after rising by the same margin in April. In the 12 months through May, the core PCE rose 1.8 percent, slowing from 2 percent the prior month.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

us consumer spending stalls at 6month low us consumer spending stalls at 6month low

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

us consumer spending stalls at 6month low us consumer spending stalls at 6month low

 



Arab Today, arab today
Arab Today, arab today Jordanian woman reveals her project

GMT 00:46 2017 Saturday ,11 November

Jordanian woman reveals her project
Arab Today, arab today Visit Jamaica for more than just sun

GMT 09:45 2017 Tuesday ,21 November

Visit Jamaica for more than just sun
Arab Today, arab today Keep kids busy at Thanksgiving gatherings

GMT 11:14 2017 Friday ,10 November

Keep kids busy at Thanksgiving gatherings
Arab Today, arab today UN warns of conflict in Gaza

GMT 08:39 2017 Tuesday ,21 November

UN warns of conflict in Gaza
Arab Today, arab today Missouri problem mirrors woes

GMT 06:46 2017 Tuesday ,21 November

Missouri problem mirrors woes
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Australian academic's book pulled

GMT 15:20 2017 Monday ,13 November

Australian academic's book pulled
Arab Today, arab today May under Brexit pressure at EU reform summit

GMT 02:14 2017 Saturday ,18 November

May under Brexit pressure at EU reform summit
Arab Today, arab today Delhi half-marathon to go ahead

GMT 03:51 2017 Saturday ,18 November

Delhi half-marathon to go ahead
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today VW says will invest over 34bn euros

GMT 07:19 2017 Tuesday ,21 November

VW says will invest over 34bn euros
Arab Today, arab today Driverless, electric future just round

GMT 02:45 2017 Monday ,20 November

Driverless, electric future just round
Arab Today, arab today Fedra happy for “Between Two Worlds” success

GMT 09:23 2017 Saturday ,18 November

Fedra happy for “Between Two Worlds” success
Arab Today, arab today paObama climate envoy slams Trump's rejection

GMT 16:04 2017 Friday ,17 November

paObama climate envoy slams Trump's rejection

GMT 12:15 2017 Friday ,17 November

Mona Abdel Ghany increased artistic activities

GMT 11:15 2017 Thursday ,16 November

Angola oil boss sacked by father's protege

GMT 18:41 2017 Friday ,20 October

Designer Aql Faqih aspires to innovation

GMT 11:38 2017 Wednesday ,15 November

Unloved vultures fight for their survival

GMT 11:49 2017 Thursday ,17 August

Egyptian artist presents new collection of designs

GMT 00:54 2017 Monday ,20 November

Mideast in danger as London explores

GMT 03:12 2017 Saturday ,18 November

Prince's vision spurs new Cornwall village

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday