Consumer Spending Slows Sharply in May

Consumer spending slowed sharply in May as rising gasoline prices left Americans with less to spend on other items, the Associated Press reports, citing a government report. The Commerce Department said that spending rose by just 0.4 percent last month after a 0.7 percent gain in April. Income growth also slowed to an advance of just 0.4 percent last month, reflecting weaker job growth.

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