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US consumer spending declines
American consumer spending was flat in May, breaking a string of 10 straight months of gains, as households struggled with rising prices. Spending slipped 0.1 per cent in the month, when adjusted for inflation, the commerce department revealed yesterday. Meanwhile the personal consumption expenditures price index (PCE), a measure of inflation, jumped 0.3 per cent, following a 0.2 per cent rise the previous month. Yet falling gasoline prices are offering some hope for the struggling US recovery.