Personal Spending Rises 0.3% in May

The rise followed no change in April, which had originally been reported as a 0.1% increase.

Personal incomes rose 1.4% — reflecting tax cuts and Social Security payments — though wages and salaries declined 0.1%, Bloomberg reported.

The spending gain matched economists’ forecasts, Bloomberg said.

An increase in consumer spending could increase demand for new factory goods and the trucking shipments that get them to stores.