Consumers Hold Back on Spending in May

New York, NY, June 3, 2010--Americans held back on their spending in May, according to MasterCard Advisors' SpendingPulse.

Cool weather and a late Memorial Day weekend, which hurt May's business but should boost June's figures, dampened spending on almost everything, MasterCard said.

"I don't think you can explain away all the weakness just based on the calendar shift," said Michael McNamara, vice president of research and analysis for SpendingPulse.

The SpendingPulse data showed retailers' revenue fell in May in most categories including men's and women's clothing and footwear, furniture and electronics.

Online spending, however, rose by double-digit percentages for the sixth month in a row.