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US consumer spending posted a modest gain in May but savings vaulted amid massive government stimulus spending aimed at pulling the economy out of recession, official data showed Friday.
The Commerce Department reported consumer spending rose 0.3 percent in May from April, in line with most analysts' forecast.
The May uptick in personal spending -- which accounts for two-thirds of US economic activity -- followed a revised flat reading for April and a 0.2 percent decline in March.
Disposable personal income -- income less personal taxes -- increased 1.6 percent May after a rise of 1.3 percent in April.
Excluding the special factors of the huge economic stimulus, which lowers personal taxes and boosts government social benefit payments, disposable personal income increased 0.2 percent, following a 0.9 percent rise in April.
Excluding the special factors of the huge economic stimulus, which lowers personal taxes and boosts government social benefit payments