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U.S. Consumers Boost Spending
Spending by American consumers, which grew 0.2% year over year in May, rose 0.5% in June, according to the Dept. of Commerce.
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Spending by American consumers, which grew 0.2% year over year in May, rose 0.5% in June, according to the Dept. of Commerce.
Spending on durable goods climbed 0.8% in June, buoyed by strong auto sales. Consumption of non-durable goods advanced 1.3%, partly because of higher gasoline prices, the Commerce Dept. reports. Consumer spending accounts for 70% of the American economy.
U.S. personal income increased 0.3%. The savings rate slipped to 4.4% from 4.6% in May.
A related measure of prices, excluding food and energy which is the Federal Reserve's preferred inflation gauge rose 1.2% in June from a year earlier. The Fed's inflation target is 2%.
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