Posted on 06/28/2004 12:49:14 PM PDT by RWR8189
Consumer Spending Increases At Highest Rate Since 2001. "Consumer spending rose by the largest amount in 2-1/2 years last month but inflation accounted for half the increase, the government said Monday, cementing expectations that the Federal Reserve will raise interest rates this week. Personal spending was up 1.0% in May, the Commerce Department said, beating forecasts for a 0.8% gain and the biggest advance since October 2001's 2.4% rise." ("Consumer Spending Surges In May, Prices Up," Reuters, 6/28/04) Personal Income, Wages And Salaries Rise. "Disposable income, or the money left over after taxes, increased 0.6 percent for a second month. Wages and salaries rose 0.7 percent, the most since January, after rising 0.6 percent." (U.S. May Personal Spending Rises 1%; Incomes Increase 0.6%, Bloomberg, 6/28/04)
Economy growing? I blame Bush.
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