LONDON (AP) — European and U.S. stock markets slipped on Thursday after a report showed that consumer spending was weak in May in the U.S., the world’s largest economy.

Consumer spending, which accounts for the bulk of U.S. economic activity, rose just 0.2 percent after no gain in April. That suggests the recovery from a poor first quarter will likely not be very strong, analyst said.

Recommended Stories

USS Spruance breaks record for longest deployed destroyer since WWII

Mills strategist calls for Fishback to leave politics over false claims about investigations

Trump visits to safe red districts are a ‘considered strategy’ to fire up low-propensity voters: Byron York