Americans stepped up spending in July for the first time in three months as an increase in incomes helped make up for a jobless rate stuck above 8 percent.
Purchases increased 0.4 percent after being little changed in June, Commerce Department figures showed today in Washington. Other reports today showed consumer confidence held close to a seven-month low, and claims for unemployment benefits were unchanged.
Stronger household spending is fueling sales at retailers such as Gap Inc. and may set the stage for a pickup in economic growth. At the same time, more expensive gasoline may prompt shoppers to watch their wallets, while a slowing global economy makes employers cautious about hiring.
via Bloomberg
This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.
Latest posts by marketpulsefxstaff (see all)
- Oil Remains Near Multi-Month Lows - 6 August 2015
- U.S. Dollar Higher on Recent Data - 6 August 2015
- Greece’s PM Tsipras: Loan Deal with Lenders Close - 6 August 2015