Consumer Spending Picks Up as Americans' Incomes Rise
Consumer spending in the US increased in July by the largest margin in five months, after personal incomes climbed 0.3 percent, the Commerce Department said today.
A rise in orders for long-lasting goods like cars and aircraft in July eased fears that the U.S. was headed for another recession and sent US stocks up for a third straight day.
A rise in orders for long-lasting goods like cars and aircraft in July eased fears that the U.S. was headed for another recession.
US stocks rose for a third straight day, up 1.3%.
Overall orders for durable goods rose 4% last month, biggest increase since March, the Commerce Department said Wednesday. Demand for autos and auto parts jumped 11.5%, the most in eight years.
(READ both the AP stories in the USA Today)
Be the first to comment