US consumers tightened the purse strings in May in response to weaker employment and rising inflation. Purchases were essentially flat for the month after a 0.3 percent gain in April.
Ã¢â‚¬Å“The quarter is going to be very slow,Ã¢â‚¬Â said Christopher Low, the chief economist at FTN Financial in New York who correctly forecast household spending. Ã¢â‚¬Å“The biggest explanation for that is gas prices, so obviously the fact that oil has fallen quite a bit in the last couple of weeks is a really good thing. Relief just in time.Ã¢â‚¬Â
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