Wells Fargo Weekly Economic and Financial Commentary, May 31, 2013

  • by BPC Staff
  • on May 31, 2013

Softer Consumer Spending to Start Q2

· The second look at Q1 GDP growth showed little change from the first release. The economy grew at a 2.4 percent annualized rate. Personal consumption was revised slightly higher.

· Personal incomes were flat in April as was wage and salary growth. Personal spending contracted for the month, falling 0.2 percent.

· Consumer confidence bounced back sharply in May as consumers’ expectations of future economy growth improved.

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