Filed under: Forecasts, Good news, Consumer experience, Economic data
The Commerce Department reported July consumer spending numbers this morning, and as expected, consumers picked up the pace during July. Spending during July rose 0.4%, matching what analysts had been expecting to see.
What surprised analysts was the degree to which incomes lifted in the month. July saw a 0.5% rise in income, which was the best move in the past four month.
While it is great to see spending on the rise, we should definitely be cautious to read too much into the July figures. Consumer confidence has been eroding in August, so do not be surprised if July’s increases wind up being temporary as the mortgage meltdown has started to weigh in on every one’s mind.
Continue reading Consumers picked up spending in July
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