U.S. Consumer Spending Flat, While Incomes Rose

July 30, 2012  by in UnCategorized   

By Aggregated Content in economic news on July 31, 2012 from http://www.independentmail.com/news/2012/jul/31/us-consumer-spending-flat-income-05-percent/

Americans spent no more in June than they did in May, even though their income grew at the fastest pace in three months.

The Commerce Department said Tuesday that consumer spending was flat in June after declining 0.1 percent in May. Income rose 0.5 percent. And wages, the largest component of income, also increased 0.5 percent, the biggest gain since March. The jump in income went straight to savings. The savings rate rose to 4.4 percent in June, the highest level in a year.

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