Income Jump Largest in a Year; Savings at 15-Year High
REUTERS | June 26, 2009 | 4:52 AM EDT
U.S. consumer spending rose as expected in May while personal income posted a
larger than expected jump, a government report showed on Friday, as consumers
spent government stimulus money.
Spending, which accounts for over 70 percent of U.S. economic activity, rose
0.3 percent in May after an upwardly revised flat reading from the previous
month.
It was the first gain in spending since February, a Commerce Department report
said.
Incomes jumped 1.4 percent, the biggest gain in a year and easily outpacing the
0.3 percent gain that economists expected.
The savings rate, which was hovering near zero in early 2008, surged to 6.9
percent, the highest level since December 1993.
Stock futures briefly gained on the news, but quickly retreated and continued
to indicate a negative opening for Wall Street. The dollar extended its losses
against the euro
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