consumer spending

US Consumer Spending Barely Gains in July

Results are much weaker than analysts' average expectations.

WASHINGTON – U.S. consumer spending ground to a near halt in July along with growth in personal income, Commerce Department data released Friday showed.

Spending, which drives two-thirds of the U.S. economy, edged up only 0.1% last month and marked a sharp slowdown from the revised 0.6% increase in June.

Personal income also rose 0.1% in July, slowing from June growth of 0.3%.

The month-on-month spending figure was much weaker than the 0.3% rise expected on average by analysts. The income reading matched expectations.

Copyright Agence France-Presse, 2013

Hide comments

Comments

  • Allowed HTML tags: <em> <strong> <blockquote> <br> <p>

Plain text

  • No HTML tags allowed.
  • Web page addresses and e-mail addresses turn into links automatically.
  • Lines and paragraphs break automatically.
Publish