Consumer spending, adjusted for prices, was little changed after a downwardly revised 0.2% gain in April.
The resilience of consumers and the housing market point to continued growth, economists say.
Though there are signs that inflation is easing, both core and headline CPI continue to rise.
American consumers continued to spend on the back of a strong labor market in the early months of the year.
All racial and ethnic groups polled in the survey saw a decline in financial well-being from a year earlier.
Wall Street projects that a drop in payrolls could reach 3.4 million.
The data may bolster chances that the Federal Reserve will pause its run of interest-rate hikes.
The unemployment rate fell back to a multi-decade low of 3.4%.
A pullback in consumer spending suggests households are growing more guarded.
Economists warned that momentum slowed as the quarter progressed.
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