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.