After an exuberant April, spiking hope that everything was awesome with a surge in spending, May has dragged US consumers back down to earth. The 1.1% (revised) jump in spending in April (highest since Aug 09) is over as May’s 0.4% gain is back in the land of ‘normal’ once again. Income rose just 0.2% MoM (less than expected) slowing dramatically from last month to near the weakest YoY growth since March 2014. The savings rate fell once again on the back of this (down 0.1%) to 5.3%.
With YoY Income growth almost the weakest since March 2014 and spending fading…
Pushing the savings rate further down..
As spending eats into income…
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