Wednesday, June 29, 2016

U.S. consumer spending rises in May, inflation still benign

Shoppers walk a connecting path from The Court to The Plaza at the King of Prussia Mall, in King of Prussia, Pennsylvania in this December 6, 2014 file photo.  REUTERS/Mark Makela
U.S. consumer spending rose for a second straight month in May on increased demand for automobiles and other goods, but there are fears Britain's vote to leave the European Union could hurt confidence and prompt households to cut back on consumption.

The Commerce Department said on Wednesday consumer spending, which accounts for more than two-thirds of U.S. economic activity, increased 0.4 percent last month, pointing to an acceleration in economic growth in the second quarter.. . . more

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