FILE PHOTO: Shoppers are seen outside a retail store as the phase one reopening of New York City continues during the outbreak of the coronavirus disease (COVID-19) in the Brooklyn borough of New York City, New York, U.S. June 9, 2020. REUTERS/Shannon Stapleton -/File Photo
WASHINGTON (Reuters) - U.S. consumer spending rebounded sharply in May, but the gains are not likely to be sustainable, with income dropping and expected to decline further as millions lose their unemployment checks starting next month.
The Commerce Department said on Friday consumer spending, which accounts for more than two-thirds of U.S. economic activity, jumped 8.2% last month. Consumer spending tumbled 12.6% in April, the largest drop since the government started tracking the series in 1959.
Economists polled by Reuters had forecast consumer spending increasing 9.0% in May.
Reporting by Lucia Mutikani; Editing by Chizu Nomiyama
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June 26, 2020 at 07:39PM
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U.S. consumer spending rebounds in May - Reuters
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