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US household spending points to rebound

Spending by US households jumped by the most in almost six years in May, boosted by stronger incomes and reinforcing evidence of a second-quarter rebound in the economy. Expenditure rose by 0.9%, far quicker than the 0.1% rise in April and the biggest rise since August 2009. The median forecast in a Bloomberg survey of economists had expected a 0.7% rise. Diane Swonk of Mesirow Financial in Chicago said: 'Hibernating consumers have woken from their winter slumbers with a strong appetite for spending. Look for economic growth to be carried by gains in consumer spending and housing in the months to come. That will allow the Fed to achieve lift-off in September.'

 

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