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Post by bot on Aug 3, 2015 15:22:22 GMT -5
Consumers increase spending a mild 0.2% in June
WASHINGTON (MarketWatch) - American consumers spent at a slower pace in June, especially on big-ticket items such as new cars, after a big bump in May, government figures show. Personal spending rose a seasonally adjusted 0.2% last month, the Commerce Department said Monday. Personal income rose 0.4% for the third straight month. Economists polled by MarketWatch had forecast 0.3% increases in both spending and incomes. Since incomes grew faster than spending, the amount of money individuals save climbed to 4.8% from 4.6%. The savings rate has hovered near 5% for the past two and a half years. Also, inflation as gauged by the PCE price index increased 0.2% in June. The PCE index has risen just 0.3% in the past 12 months. The core PCE index that excludes food and energy, meanwhile, advanced 0.1% in June, and it's up 1.3% over the past year. The more closely followed core rate has been frozen at a 1.3% annual rate through the first six months of 2015.
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