WASHINGTON (UPI) — Consumer spending was flat in May for the first time since November 2011, the U.S. Commerce Department said Friday.
Spending was unchanged following a 0.1 percent rise in March and April and a 1 percent rise in February.
Incomes rose, but showed a decline in growth. Incomes in May rose 0.2 percent, matching the growth rate in April, which was half the income growth rate of February and March.
The figures indicate that hiring has stalled. In turn, consumer spending, which makes up about 70 percent of the gross domestic product, came in unchanged.