wallstreetexaminer.com / by Lee Adler •
The BEA reported today that Personal Income rose and Consumer spending rose in July. The headline numbers were +0.4% and +0.3% respectively. These are seasonally adjusted month to month % gains. The numbers were also revised up for May and June. Let’s party!
The Wall Street Journal headlined:
U.S. Consumer Spending Rose in July
Domestic consumption could continue to drive economic growth over the second half
WSJ reporters Anna Louie Sussman and Ben Leubsdorf clownishly regurgitated the Establishment line.
Consumer spending rose for the fourth straight month in July, a sign that domestic consumption could continue to drive U.S. economic growth over the second half of the year.
Four consecutive months of solid spending pointed to continued confidence on the part of the consumer, supported by steady job gains and low interest rates and gasoline prices.
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