Consumer spending rises in June, incomes fall

U.S. consumer spending rose slightly more than expected in June, a government report showed on Tuesday, 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 to market expectations for a 0.3 percent increase in spending, which accounts for over two-thirds of U.S. economic activity. However, adjusted for inflation, spending fell 0.1 percent after being flat in May.

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- Posted: 2009-08-04 09:43:12

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