(Bloomberg) — Consumer spending in the U.S. unexpectedly dropped in June for the first time in almost two years as a slump in hiring caused households to retrench.Do they know how foolish they appear? Or do they even care anymore?
Purchases decreased 0.2 percent, after a 0.1 percent gain the prior month, Commerce Department figures showed today in Washington. The median estimate of 77 economists surveyed by Bloomberg News called for a 0.1 percent increase. Incomes grew at the slowest pace since November and the savings rate climbed.
Tuesday, August 2, 2011
More "Unexpected" News
Bloomberg runs interference for Barry...