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Friday, August 29, 2008
Incomes Drop While Consumer Spending Jumps in July
Associated Press
WASHINGTON--Personal incomes plunged in July while consumer spending slowed significantly as the impact of billions of dollars in government rebate checks began to wane.
The Commerce Department says personal incomes fell by 0.7% in July, the biggest drop in nearly three years and a far larger decline than the 0.1% decrease analysts expected.
Consumer spending edged up a modest 0.2%, in line with expectations, but far below June's 0.6% rise. When the impact of rising prices was factored in, spending actually dropped by 0.4% in July, the weakest showing for inflation-adjusted spending in more than four years.
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