Fed Data Shows Consumers Taking On More Debt In May

Michael Teague |

Economic growth for the first quarter of 2013 was disappointing, with GDP up 1.8 percent shy of the expected 2.5 percent, and is not expected to do much better for the recently ended second quarter. Furthermore, consumers were hit by the expiration of Bush-era tax-cuts earlier in the year, but the consistent and steady adding of jobs to the economy coupled with an overall 2.2 percent increase in pay over the last year should serve to counter the negatives and keep consumers with enough disposable income to make purchases, which could result in even more robust consumer spending in the second half of the year.

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