Posted: Monday, August 30th 2010 at 9:00am
Consumer spending rises 0.4 percent in July
By Ken Stanford Staff
WASHINGTON - Consumer spending rose in July at the fastest pace in four months, helped by a jump in demand for automobiles.
The Commerce Department says consumer spending rose 0.4 percent in July after three lackluster months. Personal incomes were up 0.2 percent in July, less than expected but at least an improvement over June when incomes had not risen at all.
The July spending gain was the best showing since a 0.5 percent rise in March. But the concern is that demand could taper off in the second half of this year if unemployment remains near double digits.
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