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Consumers Dial Back on Their Spending

Wall Street Journal (07/15/13) Neil Shah; Suzanne Kapner

Consumers spent less in June, according to a new government report, purchasing more automobiles but reducing their expenditures on other nonessentials, suggesting the economy has hit a weak patch. Retail sales grew just 0.4% last month, as consumers spent less on restaurant meals and gardening equipment. Excluding volatile auto and gasoline purchases, spending actually fell 0.1%, the first decline in a year.