Source: Economics Group of Wells Fargo Bank, N.A. Summary Yesterday’s GDP revisions that lowered estimates for first quarter consumer spending was just a jab; today’s May personal income and spending report was the uppercut. Real consumer spending dropped 0.4% in May and prior monthly spending figures were revised lower. At least inflation did not get materially worse; the headline PCE deflator rose less than expected to 6.35%. READ FULL REPORT>>
