The U.S. Commerce Department said consumer spending rose by 0.5% in May to a $7.087 trillion annual rate, boosted by a 1.2% gain in expenditures for durable goods -- items such as refrigerators and autos intended to last three or more years. Income growth, however, was slower, increasing by 0.2% to an $8.632 trillion pace.
Consumer spending up 0.5% in May
July 2, 2001
WASHINGTON -- Led by an upswing in demand for durable goods, U.S. consumer spending posted a healthy gain in May.