By Peter Schroeder - 06/27/11 01:44 PM EDT
Workers in the U.S. saw a slight increase in their pay in the month of May, but that boost did not translate into much in the way of increased spending.
However, as concern about the economy is growing, it appears that the public is holding onto more cash. Consumer spending as gauged by personal consumption expenditures (PCE) was effectively flat in May. Spending, which represents 70 percent of the economy, rose just $4.6 billion in May, which translates to an increase of less than 0.1 percent. In April, spending grew by $28.8 billion, or 0.3 percent.