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Spending Outpaces Income in July; Auto Sales Pick Up
Published: Monday, 30 Aug 2010 | 8:36 AM ET Text Size By: ReutersDiggBuzz FacebookTwitter More Share
U.S. consumer spending rose at the strongest pace in four months in July, supported by a small gain in incomes and a jump in auto sales, offering hope that consumers will be able to keep contributing to a modest recovery.
The Commerce Department said on Monday spending increased 0.4 percent, the largest gain since March, after being flat in June. Analysts polled by Reuters had expected consumer spending to rise 0.3 percent.
Stock index futures, which had been flat to slightly lower, mostly held steady after the data release.
Spending Outpaces Income in July; Auto Sales Pick Up
Published: Monday, 30 Aug 2010 | 8:36 AM ET Text Size By: ReutersDiggBuzz FacebookTwitter More Share
U.S. consumer spending rose at the strongest pace in four months in July, supported by a small gain in incomes and a jump in auto sales, offering hope that consumers will be able to keep contributing to a modest recovery.
The Commerce Department said on Monday spending increased 0.4 percent, the largest gain since March, after being flat in June. Analysts polled by Reuters had expected consumer spending to rise 0.3 percent.
Stock index futures, which had been flat to slightly lower, mostly held steady after the data release.