Spending rises 0.2%, outpacing stagnant income growth

U.S. personal incomes were unchanged in July as the impact of federal stimulus payments waned and wages rose for the first time in a year, the Commerce Department reported Friday.

Consumer spending increased 0.2% last month, led by higher outlays for autos. Spending rose for the third month in a row.

On the surface, the July report was slightly weaker than expected, but with upward revisions to figures for May and June, income and spending levels were higher than forecast. Morgan Stanley economists raised their third-quarter forecast for gross domestic product growth to 4.8% from 4.3%.

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- Posted: 2009-08-28 09:18:38

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