Consumer spending rose by a solid 0.4 percent in June, while a key gauge of inflation increased at an annual pace of 2.2 percent for a second straight month — the strongest back-to-back gains in six years.
The gain in spending followed an even better 0.5 percent rise in May, which was revised from a 0.2 percent initial estimate, the Commerce Department reported Tuesday. Incomes rose a solid 0.4 percent in June, matching the May increase. . . . more