US Consumer Spending Rose Moderately in May Increased household spending on vehicles, restaurants and hotels amounted to 0.4%. Consumer prices in May also rose slightly. Both sets of data point to a slowing in economic growth. They could motivate the Federal Reserve to cut interest rates next month. The Fed cites growing trade tensions and low inflation as signals for a possible July interest rate cut. Wages in May gained 0.2% Personal income in May buoyed consumer spending with a 0.5% rise.
