Advertisement

Archive for Wednesday, August 1, 2001

U.S. spending up despite layoffs, volatile market

August 1, 2001

Advertisement

— Consumers, a key force keeping the economy afloat, spent vigorously in June despite rising layoffs and a volatile stock market. Incomes rose modestly.

The Commerce De-partment said Tuesday that consumer spending, which accounts for two-thirds of all economic activity, rose by a bigger-than-expected 0.4 percent in June, after a 0.3 percent rise in May.

Americans' incomes, which include wages, interest and government benefits, rose by a solid 0.3 percent, after a 0.2 percent increase the previous month.

The spending and income figures aren't adjusted for inflation.

Commenting has been disabled for this item.