Consumer spending rose modestly in June amid solid gains in job and income growth.
Americans’ purchases increased 0.2% after jumping a revised 0.7% in May.. Economists expected a 0.2% rise.
Personal income increased 0.4%, above the 0.3% projected by economists.
Retail sales fell in June, suggesting that overall consumption also might be weak. While consumer spending generally has been solid this year, tepid average wage growth has caused it to be choppy despite low gasoline prices and improved household finances.
(Source: USA Today)