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Consumers Tap Brake, But Factories Pick Up As Rebound Broadens Personal Spending Off 0.1% But incomes climb 0.3%; housing strength signals faster consumption later.(A)
Byline: JED GRAHAM
Consumers put the brakes on new spending in May, even as wages and salaries grew at their fastest pace in six months, the Commerce Department said Friday.
Separately, the Chicago Purchasing Managers' Index showed area manufacturing grew solidly for a fifth straight month in June.
Taken together, the two reports suggest business spending and production are overtaking the consumer as drivers of the recovery.
While consumer spending and confidence have softened amid weak job growth, the factory recovery and higher personal savings should keep the consumer from running dry, economists say.
"There will be some swaps between strength in the consumer and production sector now," said David Littman, chief economist at Comerica Inc.
Personal spending fell 0.1% in May, the first drop since November, after rising an upwardly revised 0.6% in April, the Commerce Department said. Adjusted for May's 0.1% drop in prices, spending was nearly unchanged.
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