Investing.com – The pace of U.S. consumer spending in July accelerated from June, official data showed.
The Commerce Department said Monday personal spending rose 0.3% last month, in line with estimates.
The June figure was revised to a gain of 0.5% from an initial reading of 0.4%.
Consumer spending is the single biggest source of U.S. economic growth.
Personal income in July rose 0.4% in line with forecasts after a revised gain of 0.3% in June.