Industryweek 5144 Consumerspending

US Consumer Spending Barely Gains in July

Aug. 30, 2013
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

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