US consumer spending in May rose for the first time since February, and savings hit a record high as federal stimulus measures boosted incomes, bolstering the view that the economy was close to emerging from recession. US consumer sentiment also edged higher this month to its strongest since February 2008. Consumer spending, which accounts for more than 70% of US economic activity, rose 0.3% in May, the Commerce Department said last Friday. The department also revised up April’s figure to un-changed from a small decline previously. Personal income jumped 1.4% last month, propped up by social benefit payments from the government’s massive economic stimulus. The US$ extended losses vs. the Euro as the data reduced safe haven demand for the “Greenback”.
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