June Spending and Income Atrocious

More goodness from the Recovery…

From the AP via New York Times:

WASHINGTON — Americans cut back on spending in June for the first time in nearly two years, and their incomes grew by the smallest amount in nine months, troubling signs in a barely growing economy.

The Commerce Department said in a report released on Tuesday that consumer spending dropped 0.2 percent in June. Excluding falling prices for items like energy and food, consumer spending would have been unchanged in June.

Income rose 0.1 percent, the weakest showing since September, reflecting anemic hiring this spring.

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