Report shows that both consumer spending and personal income increased in May

Americans may be slowly improving their financial situation, new data from the U.S. Department of Commerce suggests. According to a report released Monday, consumer spending – a key indicator of economic health – increased by 0.2 percent in May after giving a flat reading in April.

Consumer spending accounts for nearly 70 percent of the economy and is often used to determine the strength of economic recovery. After disappointing results in April, May’s rate suggests that Americans are showing slightly more confidence in both their personal finances and the economy. Read full article…