New statistics released this morning by the U.S. Department of Commerce show consumer spending did not rise in June, after increasing 0.1% in May. The report also shows that wages were down in June. Click here for the full report…
American consumers have spent less money, businesses have slowed their restocking, and as a result, recovery from the financial crisis slowed during the second quarter of 2010. In a report released by the Commerce Department today, economic growth has lost momentum, and is now growing at a 2.4% pace. This meager growth means that the 9.5% unemployment rate is not expected to fall.
-Philip Bunnell
Tuesday, August 3, 2010 at 9:44AM