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Consumer spending growth cools despite solid rise in personal incomes

Consumer spending growth cools despite solid rise in personal incomes

Growth spending by consumers significantly cooled in June despite another solid gain in incomes, the Commerce Department said Monday. Personal consumption expenditures increased 0.2%, the smallest in four months, compared to a downwardly revised 0.7% jump in May. The decline came as Americans spent less on cars and other long-lasting durable goods. Personal income rose 0.4% for the third straight month. But instead of spending the extra money, as they did in May, consumers saved much of it. The portion of disposable income saved rose to 4.8% in June compared to 4.6% the previous month.  Economists had expected spending to decline. The increase in personal income was better...

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