Personal Spending Rises; Incomes Take Biggest Plunge in Four Years
Consumer personal spending rose modestly in June, while incomes fell by the most in four years, the Commerce Department said Tuesday.
The 0.4% spending rise followed a 0.3% gain in May.
Personal incomes fell 1.3%, the biggest since June 2005.
Economists had forecast a 1% drop in incomes following a previously reported 1.4% gain in May, Bloomberg reported. The spending rise was slightly less than the 0.4% forecast.
An increase in consumer spending could increase demand for new factory goods and the trucking shipments that get them to stores.
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