Economists said that consumer spending in the U.S. probably stalled in May as slower job growth and subdued wage gains prompted Americans to cut back, Bloomberg News reported today. Household purchases, which account for about 70 percent of the economy, were unchanged after a 0.3 percent gain in April, according to the median estimate of 75 economists surveyed by Bloomberg News. Companies added 82,000 workers to payrolls last month, the fewest since August. Next week, the Labor Department may report private payrolls, which exclude government agencies, rose by about 100,000 in June, completing the weakest quarter since January-March 2010, according to the Bloomberg survey median. Consumers have had to rely on savings to boost spending as income growth slowed. The saving rate slipped to 3.4 percent in April, matching February as the lowest reading since December 2007.
