News Summary: US consumer spending weak in July

Posted at: 08/30/2013 4:35 PM
By The Associated Press

Bookmark and Share Print Story

WEAK SPENDING: U.S. consumers barely increased their spending in July. Purchases rose just 0.1 percent, down from a 0.6 percent gain in June.

SMALL INCOME GAIN: Income grew just 0.1 percent in July. Overall wages and salaries fell $21.8 billion, held back in part by steep government spending cuts that reduced federal workers’ salaries.

OUTLOOK: Consumer spending drives 70 percent of economic activity. Weaker spending led some economists to sound a more pessimistic note about economic growth in the current July-September quarter.

Have a story you want our news team to investigate? Call us at 585-232-1010, click here to send us an e-mail or leave us a Facebook post or tweet.

(Copyright 2013 by The Associated Press. All Rights Reserved.)



Site Index