John Herrmann
Americans cut spending: First time in 20 monthsPosted by RJ and Makay on Aug 03, 2011 |
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U.S. consumer spending in June dropped unexpectedly as Americans saw their incomes grow by the smallest amount in nine months, according to the Commerce Department. It was the first time in 20 months that Americans cut their spending and is a troubling sign for economic growth. Consumer spending dropped 0.2% in June, which followed a gain of 0.1% the month before. Incomes rose 0.1%, the smallest gain since September 2010.
