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Still, in May consumers grew more confident, which suggests spending could rebound later this year. Measures of consumer confidence reached five year highs last month, as Americans grew more optimistic that the job market is healing. And other trends may offset some of the impact of the taxes this year. Consumers have cut their debts. Rising home values and stock prices have increased household wealth, which typically makes people more likely to spend. In general, service firms are in better shape than manufacturers. A separate survey by ISM released Monday showed that a measure of factory activity fell to the lowest level in four years in May. Service companies have accounted for nearly all U.S. job gains in recent months. In April, they added 185,000 jobs, while manufacturers and government agencies cut jobs. Employers overall added 165,000 positions that month.
[Associated
Press;
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