Americans spent about 0.2 percent more in May than in April, but the increase isn’t likely to mean a expedited economic recovery.
In fact, it probably just means that Americans were revving up their AC units as the weather started getting warmer.
The U.S. Commerce Department announced the increase earlier today, but it came with a big caveat: The increase came from Americans spending more on services.
Read: Paying for all the electricity it takes to keep a house cool in the summer.
Spending on goods declined.
Creative Commons photo by Flickr user Mr. T in DC
The Associated Press reports that incomes rose 0.4 percent last month. And Americans are saving about 4 percent more.
Know a small business we should write about? Contact Herald writer Amy Rolph at arolph@heraldnet.com.
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