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US consumer income down 4.2% in May, better than forecast


June, 26 2020
watermark Economic news

According to the Bureau of Economic Analysis of the US Department of Commerce, consumer income in May fell 4.2% compared with April. Consumer spending rose 8.2% on a monthly basis. Analysts had forecast a 6% decline in revenue and a 9% increase in spending.


Growth in consumer spending was a record, but experts are confident that this trend will not last long: millions of Americans will soon cease to receive increased unemployment benefits. In April, consumer spending fell by a record 12.6%.


An estimate of the income and expenses of Americans in May was influenced by the quarantine response to the spread of COVID-19. The ministry noted that government payments aimed at restoring the economy were still made, but in smaller volumes than in April.


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Foreign exchange is highly speculative and complex in nature, and may not be suitable for all investors. Forex trading may result in a substantial gain or loss. Therefore, it is not advisable to invest money you cannot afford to lose. Before using the services offered by ForexMart, please acknowledge the risks associated with forex trading. Seek independent financial advice if necessary. Please note that neither past performance nor forecasts are reliable indicators of future results.