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LATEST US DATA

Consumer spending in US shows biggest gain in nearly six years

Higher stock, home prices lift household wealth; rise in employment helps boost spending

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Economists are expecting consumer spending to accelerate quite sharply in the coming quarters as indicators point to stronger labour market dynamics and at the same time there is stronger wage growth.

Washington

HOUSEHOLD spending climbed in May by the most in almost six years, buoyed by gains in incomes as the US job market strengthened.

Purchases increased 0.9 per cent, the biggest gain since August 2009, after rising 0.1 per cent in April, Commerce Department figures showed