Thursday September 2, 2010

Consumer Spending On The Rise

Washington, DC — In July, U.S. consumers spent at the fastest pace in the past four months, according to the Commerce Department.

Boosted by income increases in the period, spending rose 0.4 percent following three consecutive months of shortfalls, the government reports.

Personal income was said to be up 0.2 percent in July, an improvement compared with June, when U.S. incomes had not risen at all.

The gain in spending reflected a 1 percent jump in demand for durable goods, and another Commerce report indicated retail sales were higher in July than in the three months preceding it.

Overall economic growth slowed to 1.6 percent in the April-to-June quarter, the government reports, revised from the initial estimate of 2.4 percent.