Consumer Spending Rises for Second Straight Month
Consumer spending rose again in June, marking the second straight month the economy has seen a rise. This surprised many on Wall Street because despite the increase in spending, personal incomes dropped more than expected. Consumer spending is an aspect of the financial picture that is watched very closely because it accounts for around 70 percent of total economic activity. An increase in consumer spending for the second straight month could potentially provide a lift to the economy but this may be hard to sustain if incomes continue to fall. The Commerce Department recently said that consumers boosted their spending…