U.S. consumers spent more in July
Consumer spending in the U.S. inched up in July amid slowing income growth and tame inflation (The New York Times and The Wall Street Journal Aug. 30).
Consumer spending--which is a gauge of how much consumers spend on everything from household cleaners to cars--rose 0.1% in July from June, the Commerce Department said. That follows a robust 0.6% spending increase in June.
Personal income increased 0.1%--a decline from June's 0.3% gain and the slowest pace since April.
The report is a harbinger that consumers may be reducing expenditures after more robust spending increases earlier this year--although they are not curbing spending altogether, the Journal said.