Consumer purchases climbed a bit more than anticipated in June, exceeding a gain in incomes that prompted American households to tap into savings.
The 0.4 percent advance in spending followed a similar gain in the previous month, a Commerce Department report showed Tuesday in Washington. The median forecast in a Bloomberg survey called for a 0.3 percent gain in consumption, which accounts for about 70 percent of the economy. Incomes rose a less-than-projected 0.2 percent, while the saving rate declined to a more than one-year low.. . . more