CNN —
The US economic engine sputtered in May: Consumer spending declined for the first time since January, according to new data released Friday that also showed inflation heated up on an annual basis.
The Commerce Department report showed that consumer spending fell 0.1% last month after rising 0.2% in April. When taking inflation into account, spending declined by 0.3% for the month.
A nearly 50% drop-off in motor vehicle sales was a significant driver of the May spending retreat as consumers rushed to dealerships to buy cars in March and April, fearing
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