Real US Personal Spending Rebounds in May

Inflation-adjusted US personal consumption expenditures were unchanged month-on-month in September 2026, following a revised 0.5% increase in August. Goods spending fell 0.3%, reversing a 1.1% rise in the previous month, driven by lower spending on motor vehicles and parts (-2% vs 2.4%), recreational goods and vehicles (-0.2% vs 1.5%), and other durable goods (-0.8% vs 1.5%). Meanwhile, spending on nondurable goods was flat after rising 0.8% in August, as higher spending on food and beverages (0.1% vs 0.5%) was offset by declines in gasoline and other energy goods (-0.1% vs -0.5%) and other nondurable goods (-0.1% vs 1.5%). In contrast, services spending increased 0.2%, easing from 0.3% in August, amid slower growth in food services and accommodations (0.5% vs 1.1%) and transportation services (0.3% vs 0.4%), while recreation services fell 0.8% following a 1.1% decline. Spending on housing and utilities rose 0.1%, slowing from 0.2% in the previous month.

Inflation-adjusted US personal spending increased 0.6% month-on-month in August 2026, the most since March 2025, accelerating from a 0.1% rise in July. Goods spending rose 1.3%, reversing a 0.5% decline in the prior month, driven by higher spending on motor vehicles and parts (2.6% vs -0.8%), recreational goods and vehicles (1.9% vs -2.7%) and other nondurable goods (1.5% vs -0.3%). In contrast, spending on gasoline and other energy goods stalled after rising 0.3% previously. Meanwhile, services spending increased 0.2%, slowing from a 0.3% rise, amid higher spending on food services and accommodations (0.8% vs 0.4%), financial services and insurance (0.3% vs -0.1%) and transportation services (0.2% vs 0.4%), while recreation services declined 1.1% following a 0.2% increase. In turn, spending on housing and utilities edged up 0.1%, unchanged from July.

Inflation-adjusted US personal spending was unchanged month-on-month in July 2026, following a 0.4% increase in June. Goods spending declined 0.6%, reversing a 0.6% rise in the previous month, driven by weaker spending on gasoline and other energy goods (-0.1% vs 2.5%), motor vehicles and parts (-1.6% vs 1.2%), and recreational goods and vehicles (-2.9% vs 0.1%). Meanwhile, services spending rose 0.3%, although slowing from a 0.4% increase in June, as spending growth moderated in healthcare (0.4% vs 0.6%), transportation (0.6% vs 0.8%), recreation (0.1% vs 1.3%), and financial services and insurance (0.1% vs 0.7%). Spending on housing and utilities services edged up 0.1%, following a flat reading in June.