Consumers increased spending 5.6% in June but appear to have pulled back since then, restraining the economy's recovery from the coronavirus outbreak
U.S. consumers increased spending 5.6% in June but appear to have pulled back since then, restraining the economy’s recovery from the coronavirus outbreak.
The Commerce Department’s June report marked the second month of higher spending following steep declines in the spring during widespread lockdowns to contain the pandemic. The department also said household income fell 1.1% in June, a factor for Americans’ ability and willingness to spend and help determine the economy’s path in the coming weeks and months.
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