and pushed the saving rate to a 13-year high, but another report released on Friday showed confidence took a hit.
Commerce Department data showed U.S. personal spending rose by a greater-than-expected 0.8 percent in May, while a key gauge of inflation remained muted.
Some economists said the stronger spending would double the pace of U.S. growth in the second quarter from what they had been predicting before the data. There is a big question mark, however, over whether this will be sustainable.
Full Story: Consumer spending jumps as stimulus checks land (Reuters)
Commerce Department data showed U.S. personal spending rose by a greater-than-expected 0.8 percent in May, while a key gauge of inflation remained muted.
Some economists said the stronger spending would double the pace of U.S. growth in the second quarter from what they had been predicting before the data. There is a big question mark, however, over whether this will be sustainable.
Full Story: Consumer spending jumps as stimulus checks land (Reuters)
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