U.S. consumer spending slips; savings highest in 1-1/2 years

The Commerce Department said on Friday consumer spending dipped 0.1 percent last month, the first decline since January, after an unrevized 0.4 percent gain in June. Economists had expected consumer spending, which accounts for more than two-thirds of U.S. The weakness in consumer spending at the start of the third quarter will probably do little to change perceptions that the economy has retained much of its second-quarter momentum. The government reported on Thursday that the economy expanded at a 4.2 percent annual pace in the second quarter, with consumer spending growing at a 2.5 percent pace.

via Business News http://ift.tt/1n2ZHO8