Consumer spending recorded its biggest increase, 0.4% in four months in April. Consumer spending accounts for more than two-thirds of U.S. economic activity. Consumer spending grew at its slowest pace in more than seven years in the first quarter. That helped to restrict gross domestic product growth to a 1.2% annual rate in the first quarter. (Commerce Department)
The personal consumption expenditures (PCE) price index moved up 0.2% in April. In the last 12 months, the PCE price index increased 1.7%. (Commerce Department)
Personal income rose 0.4% last month. Income at the disposal of households after accounting for inflation advanced 0.2%. Savings were little changed at $759 billion in April. (Commerce Department)
The Consumer Confidence Index fell again in May to 117.9, but U.S. consumers remain optimistic on the whole. The Consumer Confidence Index hit 125.6 in March, its highest level since December 2000. Individuals saying business conditions are "good" edged down from 30.8% to 29.4% in May, but those saying business conditions are "bad" was unchanged at 13.7%. Persons claiming jobs are "hard to get" decreased from 19.4% to 18.2%. (Conference Board)
With Northwest Quadrant Wealth Management, a Registered Investment Advisor I am Troy Reinhart.