“…consumer spending rose by 0.5 percent for the second month in a row…” 6% annualized growth; awesome!
Nah. Real (inflation-adjusted) consumer spending in May was $8.310T; in April, it was $8.305T. Growth, month-to- month, was less than 0.1%, and annualizing such, it was less than 1.0%.
70% of the economy is growing at less than 1.0%, and important elements of the remaining 30% are declining; yet, analyst predictions are for the economy to grow 2.8-3.8%. I do not understand.
