MW:U.S. consumer spending falls in June; incomes up
By Jeffry Bartash
WASHINGTON (MarketWatch) - Consumer spending in the U.S. fell slightly in June and marked the second straight decline even though wages rose sharply, according to the latest government data. Spending fell less than 0.1% last month on a seasonally adjusted basis, the Commerce Department said Tuesday. And spending for May was revised down slightly to a 0.1% decrease. Personal income, meanwhile, jumped 0.5% in June. Economists surveyed by MarketWatch had forecast a 0.1% increase in spending and a 0.4% rise in personal income. Since incomes rose faster than spending, the personal savings rate rose to 4.4% from 4.0%. That's the highest level in a year. Also, inflation as gauged by the core PCE price index increased 0.2% in June, but it was unchanged on a year-over-year basis at 1.8%.
