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Tuesday, December 6, 2022
HomeNewsEconomyConsumer Spending Flat in August, Weakest Reading Since March

Consumer Spending Flat in August, Weakest Reading Since March

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consumer-spending

A shopper organizes his cash before paying for merchandise at a Best Buy Co. store in Peoria, Illinois, U.S., on Friday, Nov. 23, 2012. (Photo: Daniel Acker/Bloomberg/Getty)

The Commerce Department reported Friday consumer spending was flat in the month of August, coming in lower than the expectation for an 0.1% increase. Consumer spending, which accounts for more than two-thirds of U.S. economic activity, now posted the weakest reading since March.

Spending, like other economic indicators, has tapered off amid weakened gross domestic product (GDP) data over the prior two quarters. Personal income increased 0.2%, matching the estimate. Personal incomes rose by just 0.2%, which was the slowest growth since February.

Written by
Staff Writing Group

PPD Business, the economy-reporting arm of People's Pundit Daily, is "making sense of current events." We are a no-holds barred, news reporting pundit of, by, and for the people.

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