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Friday, June 26, 2009
Consumer Spending Rises 0.3% in May
FOXBusiness
WASHINGTON--U.S. consumer spending rose as expected in May while personal income posted a larger than expected jump, a government report showed on Friday, as consumers spent government stimulus money.
Spending, which accounts for over 70% of U.S. economic activity, rose 0.3% after an upwardly revised flat reading last month. It was the first gain in spending since February, a Commerce Department report said.
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