03/08/2015 15:43
U.S. consumer spending in June recorded its smallest gain in four months as demand for automobiles softened, suggesting the economy lost some momentum at the end of the second quarter.
The Commerce Department said on Monday that consumer spending rose 0.2 percent after a downwardly revised 0.7 percent increase in May. Consumer spending, which accounts for more than two-thirds of U.S. economic activity, was previously reported to have advanced 0.9 percent in May.
June's increase was in line with economists' expectations.
The data was included in last week's second-quarter gross domestic product report, which showed consumer spending expanding at a 2.9 percent annual rate and the overall economy growing at a 2.3 percent pace.
The Commerce Department said on Monday that consumer spending rose 0.2 percent after a downwardly revised 0.7 percent increase in May. Consumer spending, which accounts for more than two-thirds of U.S. economic activity, was previously reported to have advanced 0.9 percent in May.
June's increase was in line with economists' expectations.
The data was included in last week's second-quarter gross domestic product report, which showed consumer spending expanding at a 2.9 percent annual rate and the overall economy growing at a 2.3 percent pace.
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