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Consumer Spending Drop Largest in 3 Years
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Contributor | RP |
Last Edited | RP Aug 03, 2004 06:13pm |
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Category | Analysis |
Media | Website - Yahoo News: Iran |
News Date | Tuesday, August 3, 2004 06:00:00 AM UTC0:0 |
Description | Consumers, the lifeblood of the economy, clutched tight to their wallets in June and caused the largest spending drop in three years. The Commerce Department reported Tuesday that consumers cut their spending by 0.7 percent in June from the previous month as high energy prices and a sluggish job market made for more cautious buyers.
Consumer spending accounts for roughly two-thirds of economic activity in the United States. Thus, it plays a crucial role in shaping an economic recovery. |
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