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Consumer spending sees biggest gain in five months
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| Contributor | Brandonius Maximus |
| Last Edited | Brandonius Maximus Aug 29, 2011 11:08am |
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| Category | News |
| News Date | Monday, August 29, 2011 05:00:00 PM UTC0:0 |
| Description | WASHINGTON — U.S. consumer spending rebounded strongly in July to post the largest increase in five months on strong demand for motor vehicles, a government report showed on Monday, supporting views the economy was not falling back into recession.
The Commerce Department said consumer spending increased 0.8 percent, the largest gain since a matching increase in February, after slipping 0.1 percent in June.
“While the consumer’s somewhat better showing starting off the quarter is potentially somewhat better news, it remains to be seen whether July’s improvement will carry over into the months ahead,” said Peter Buchanan, an economist at CIBC World Markets in Toronto. |
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