Americans' spending rose in May as saving slipped
Americans spent more and saved less in May, the Commerce Department said. Personal consumer spending was up 0.7 percent in the month to a seasonally adjusted annual rate of $1.8347 trillion. Personal saving, meanwhile, declined by $2.2 billion, or about 2 percent, to an adjusted annual rate of $100.7 billion.
One goal of the administration's economic program is to increase savings to make more money available f or investment that will make the economy more productive.