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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 trading carries a high risk of losing money due to leverage and may not be suitable for all investors. Before deciding to invest your money, you should carefully consider all the features associated with Forex, as well as your investment objectives, level of experience, and risk tolerance.