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Consumer Spending Increases More Slowly in July
U.S. consumers increased their spending by 1.9% last month, according to Commerce Department figures. The July increase marked the third straight monthly gain in consumer spending, the primary driver of the U.S. economy, but represented a slowdown from 5.6% in June and 8.5% in May.
Friday’s report from the Commerce Department’s Bureau of Economic Analysis also showed that income rose 0.4% in July after two months of declines.
CNBC reported that the consumer spending report arrives amid a hazy economic landscape, with high unemployment, struggling businesses and deep uncertainty about when the health crisis will be solved and when people and companies will feel confident enough to spend and hire normally again.
However, the economy, after a catastrophic slide in the April-June quarter, is likely expanding again, CNBC reported. That being said, CNBC reported a National Association of Business Economists poll finding that two-thirds believe the economy remains in recession.
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- ◦Economy
