WASHINGTON (AP) - U.S. consumer spending rose at a healthy rate in August, while income growth slowed after a big jump in July.
WASHINGTON (AP) — U.S. consumer spending rose at a healthy rate in August, while income growth slowed after a big jump in July.
The Commerce Department says consumer spending advanced 0.4 percent compared to July, when spending also increased by 0.4 percent. In both months, the spending increases were led by strong gains in spending on durable goods such as autos.
Personal income was up 0.3 percent in August, helped by another solid increase in wages and salaries. The result follows a 0.5 percent income gain in July, which had been the best showing in eight months.
Consumer spending accounts for two-thirds of economic activity. It is expected to remain strong in the second half of this year, helping to buffer against a global slowdown that has hurt American manufacturers.