Americans Cut Spending For First Time In 20 Months

By: Associated Press Email
By: Associated Press Email

The Commerce Department says consumer spending dropped 0.2% in June. Excluding falling prices for such items as energy and food, consumer spending would have been unchanged in June.

Incomes rose 0.1 percent. It was the weakest growth in income since September, reflecting anemic hiring this spring.

High gas prices and unemployment have squeezed household budgets this spring, leading to tepid overall economic growth in the
April-June quarter.

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