Economics
U.S. Consumer-Spending Rebound Cools, Hinting at More Risk Ahead
- Personal incomes rise, compared with projections for drop
- Report marks tempering in economic recovery after quick gains
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The rebound in U.S. consumer spending slowed in July amid a surge in virus cases, and now faces another roadblock after the government cut unemployment benefits.
Household outlays rose 1.9% from the prior month following an upwardly revised 6.2% rise in the prior month, a Commerce Department report showed Friday. That compared with economists’ estimates for a 1.6% gain. Personal incomes rose 0.4%, topping expectations for a slight decline.