Consumer Spending In U.S. Stalls As Hiring Weakens:

Consumer spending stalled in May as stagnant wages and slackening employment held back the biggest part of the U.S. economy, Bloomberg’s  finest report.

Purchases were little changed after a 0.1 percent rise the prior month that was smaller than initially reported, according to Commerce Department figures issued today in Washington. Another report showed household sentiment dropped this month to the lowest level of the year.

A lack of jobs may prompt Americans to keep focusing on replenishing depleted nest eggs, hurting sales at retailers from CarMax Inc. (KMX) to Red Robin Gourmet Burgers Inc. (RRGB) Economists at Goldman Sachs Group Inc. and Morgan Stanley were among those cutting forecasts after the figures, indicating the economy slowed further in the second quarter.

Learn  all about it at http://www.bloomberg.com/news/2012-06-29/u-s-consumer-spending-unchanged-in-may-weakest-in-six-months.html