WASHINGTON (AP) — Consumer spending was flat in May with incomes dropping for a second month as the impact of the government’s pandemic stimulus payments waned. Inflation, however, posted a sizable gain with prices excluding food and energy jumping by the largest amount in nearly three decades. Consumer spending was unchanged in May, a marked slowdown following gains of 0.9% in April and a 5% surge in March, the Commerce Department reported Friday. The spending surge in March had been fueled by distribution of payments of up to $1,400 per individual from a $1.9 trillion stimulus bill, the Commerce Department reported Friday. With those payments winding down, incomes fell by 2% in May after an even bigger drop of 13.1% in April.
