US consumer spending up 0.5 percent in August
Source: AP-EXCITE
By MARTIN CRUTSINGER
WASHINGTON (AP) — Americans boosted spending by a healthy amount in August, offering welcome evidence that the economy is on solid footing heading into the final quarter of the year.
Consumer spending in August rose 0.5 percent from the previous month after showing no gain in July, the Commerce Department reported Monday. It was the best result since spending also expanded 0.5 percent in June.
Helped by higher wages and salaries, income rose a modest 0.3 percent in August, slightly faster than a 0.2 percent July increase.
The acceleration in spending added to signs that the economy is sustaining strength in the current July-September quarter. Consumer spending accounts for about 70 percent of economic activity, and the lackluster showing in July had raised concerns about whether the economy would retain the momentum it built in the spring after a harsh winter.
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In this Sept. 4, 2014 photo, Frances Gurley shops at a Family Dollar store in Wilmington, N.C. The Commerce Department releases its August report on consumer spending, which accounts for 70 percent of economic activity, on Monday, Sept. 29, 2014. (AP Photo/The Star-News, Matt Born)
Read more: http://apnews.excite.com/article/20140929/us--consumer_spending-0e8d7c9ee7.html
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