US consumers boosted spending in May after a slowdown the previous month as personal income grew far more than expected.
Consumer spending - the engine of the US economy - rose 0.3 per cent, led by purchases of manufactured durable goods, the Commerce Department said on Thursday.
The May gain followed a 0.3 per cent decline in April. Analysts had forecast a stronger 0.4 per cent rebound.
Personal income jumped 0.5 per cent last month, well above the 0.2 per cent estimate, in the fourth consecutive month of gains.
Year-over-year, consumer spending was up 1.8 per cent and personal income gained 1.1 per cent.
Inflation remained tame. The personal consumption expenditures price index edged up 0.1 per cent in May, after falling 0.3 per cent in April.
The core PCE price index, excluding food and energy, also was up 0.1 per cent, barely changed from a nearly flat reading in the prior month.
The year-over-year core reading, closely watched by the Federal Reserve, was up only 1.1 per cent.
"Core PCE inflation remains well below the Fed's 2.5 per cent 'threshold' for raising the funds rate, although it did not slow any more this month," said Jim O'Sullivan of High Frequency Economics.
Americans boosted their savings in May, pushing the personal savings rate up two-tenths point to 3.2 per cent.
Jennifer Lee of BMO Capital Markets noted there were downward revisions on consumer spending to a few prior months.
"Second-quarter consumer spending is coming in at just 1.2 per cent annualised, the slowest since mid-2011. This is very disappointing, and comes even as incomes pick up," she said.
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