Consumer spending, confidence up

NEW YORK According to the Commerce Department, consumer spending rose 0.3% in May after an upwardly revised flat reading in April. A 1.4% increase in personal income was also reported by the Commerce Department. In April personal income was up 0.7%.

The rise in consumer sepnding and income was reflected in the Reuters/University of Michigan consumer confidence index for June, which was at 70.8 for June from 68.7 in May. This was above economists' median expectation for a reading of 69, according to a Reuters poll.

A 1.4% increase in personal income was also reported by the Commerce Department.