U.S. consumer spending rosei n July, growing by 0.8%, after taking a breather in June.
The U.S. Commerce Department reported Monday that July’s figure was a big reversal from the 0.2% decline posted in June, when consumers curbed their spending due to high energy costs and a weak job market.
The July data was slightly better than the forecasts of economists, who had been predicting spending growth of 0.7%.
While consumer spending in July was better than forecast, incomes grew by only 0.1%, down from 0.2% in June. Economists had been expecting income growth of 0.5% in July.