US Consumer Spending Rise May Be Short-Lived
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US Consumer Spending Rise May Be Short-Lived
Personal consumption expenditures are the value of goods and services purchased by or for people.
It is commonly called PCE and it grew in the US by 8.2% in May when compared with April.
This marks the metric's first positive result since January, reports Business Insider.
PCE growth was flat month-to-month in February, before dropping 6.6% in March and 12.6% in April.
This is a direct result of the coronavirus pandemic took its toll.
However, these new results point toward recovery in consumer spending but it may be short-lived.
Without a second round of stimulus checks, we may see these numbers bottom out again.
