Commerce Department: Americans rein in spending
A new government report says personal spending stagnated in August as Americans continued to be weighed down by the economy.
The U.S. Commerce Department Monday reported personal spending was virtually unchanged in August. Spending has not been this weak since February, when it was also flat. Economists had forecast a 0.2 percent increase in personal spending.
Personal income, meanwhile, increased by 0.5 percent in August after a revised 0.6 percent decline in July fastcash. Economists surveyed by Briefing.com were expecting income to grow 0.2 percent last month.
After adjusting for taxes and certain price changes, however, real disposable income contracted 0.9 percent, according to the report.
For more: http://www.commerce.gov.
Filed under: news by Wolf