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Consumer Spending in U.S. Climbs for First Time in Three Months

Bloomberg Business Week (08/30/12) Alex Kowalski

Consumer spending in the U.S. rose in July at the fastest pace in five months, with spending increasing 0.4% last month on a seasonally adjusted basis, according to the U.S. Department of Commerce. The uptick was the first increase in consumer spending in three months. The median estimate of 76 economists surveyed by Bloomberg called for a 0.5% gain in spending. Personal income, meanwhile, rose 0.3% for the third straight month.