American consumer spending increases
By Lucia Mutikani |
August 5, 2009, Wednesday
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Print Edition
Print Edition
UNITED States consumer spending rose slightly more than expected in June, a government report showed yesterday, likely pushed up by higher gasoline prices, and incomes saw their biggest drop in four-and-a-half years.
The Commerce Department said spending rose 0.4 percent, boosted by expenditures on nondurable goods, after a revised 0.1-percent increase in May, which was previously reported as a 0.3-percent rise.
That compared with market expectations for a 0.3-percent increase in spending, which accounts for over two-thirds of US economic activity. However, adjusted for inflation, spending fell 0.1 percent after being flat in May.
"I think the data shows that consumer confidence appears to be bottoming and turning higher, though headwinds from job losses remain a significant hurdle," said Alan Gayle, senior investment strategist at Ridgeworth Investments in Virginia.
Personal incomes fell 1.3 percent in June as the effects of one-time government stimulus checks in May wore off.
The Commerce Department said spending rose 0.4 percent, boosted by expenditures on nondurable goods, after a revised 0.1-percent increase in May, which was previously reported as a 0.3-percent rise.
That compared with market expectations for a 0.3-percent increase in spending, which accounts for over two-thirds of US economic activity. However, adjusted for inflation, spending fell 0.1 percent after being flat in May.
"I think the data shows that consumer confidence appears to be bottoming and turning higher, though headwinds from job losses remain a significant hurdle," said Alan Gayle, senior investment strategist at Ridgeworth Investments in Virginia.
Personal incomes fell 1.3 percent in June as the effects of one-time government stimulus checks in May wore off.
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