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Stimulus payments boost US consumer spending

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Date: Friday 27 Jun 2008

LONDON (ShareCast) - US consumer spending rose a better-than expected 0.8% in May, helped by millions of economic stimulus payments, government data revealed Friday.

It was the biggest gain since November 2007 and compares to a 0.4% rise in April, revised from a previously estimated 0.2% increase.

The Commerce Department also said that personal income rose 1.9% in May, the largest gain since September 2005, compared to a 0.3% gain during April.

Disposable income surged 5.7%, the largest increase since May 1975.

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