U.S. Consumer Spending Slips; Savings Highest In 1-1/2 Years
U.S. consumer spending unexpectedly fell in July, as savings rose to their highest level in more than 1-1/2 years–a sign that households remain cautious despite an acceleration in economic and jobs growth. The Commerce Department said on Friday consumer spending dipped 0.1 percent last month, the first decline since January, after an unrevised 0.4 percent gain in June.
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