U.S. consumer spending flat, income up 0.5 pct.
WASHINGTON – Americans spent no more in June than they did in May, even though their income grew at the fastest pace in three months.
The lack of growth in spending follows a decline in the previous month, suggesting consumers are staying cautious with their money as they economy weakens.
Income rose 0.5 percent, the Commerce Department said in its June report on consumer spending and income. That was the biggest gain since March and was driven by a 0.5 percent increase in wages, the largest component of income. After-taxes and adjusting for inflation, income grew 0.3 percent.
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