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NEWS SUMMARY: US consumer spending flat in May

By The Associated Press
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SPENDING FLAT: U.S. consumers spent no more in May than in April after seeing almost no gain in their pay. Americans cut back on spending on autos and other long-lasting manufactured goods.

WEAK INCOME: Income growth edged up 0.2 percent in May but the increase came from investment income. Wages and salaries, the biggest income component, were flat. That is a worrisome sign for future spending gains.

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