Rising prices beat down consumer spending in June
Monday August 4, 10:10 am ET
By Martin Crutsinger, AP Economics Writer
Consumer spending tumbles in June as prices surged by largest amount since 1981
WASHINGTON (AP) -- Consumer spending, after adjusting for inflation, fell in June as shoppers were hit with the biggest increase in prices in nearly three decades.
The Commerce Department reported Monday that consumer spending dipped by 0.2 percent in June, after removing the effects of higher prices, the poorest showing since a similar drop in February. The higher prices reflected a big surge in gasoline costs and helped to drive an inflation gauge tied to consumer spending up by 0.8 percent in June, the biggest increase since a 1 percent rise in February 1981.
Monday August 4, 10:10 am ET
By Martin Crutsinger, AP Economics Writer
Consumer spending tumbles in June as prices surged by largest amount since 1981
WASHINGTON (AP) -- Consumer spending, after adjusting for inflation, fell in June as shoppers were hit with the biggest increase in prices in nearly three decades.
The Commerce Department reported Monday that consumer spending dipped by 0.2 percent in June, after removing the effects of higher prices, the poorest showing since a similar drop in February. The higher prices reflected a big surge in gasoline costs and helped to drive an inflation gauge tied to consumer spending up by 0.8 percent in June, the biggest increase since a 1 percent rise in February 1981.
posted by Blue @ 10:49 AM
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