Economics
U.S. Consumer Spending Rebounded in May While Incomes Fell
- Americans’ outlays remained below pre-pandemic levels
- Supplemental jobless benefits surge, supporting incomes
Photographer: Michael Short/Bloomberg
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U.S. consumer spending surged by a record in May -- while remaining well below pre-pandemic levels -- as Americans spent relief payments and ventured out of their homes to newly reopened stores and restaurants.
Household outlays rose 8.2% from the prior month, the sharpest increase in more than six decades worth of data, after falling by the most on record in April, a Commerce Department report showed Friday. The median estimate in a Bloomberg survey of economists called for a 9.3% jump.