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August 3, 2010    

US consumer spending flat in June

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by Kay Murchie

According to the Commerce Department, consumer spending in the US remained flat in June.

Households in the US continue to be squeezed amid higher unemployment.

Consumer spending, which makes up for more than two-thirds of overall economic activity in the US, was unchanged from May.

Meanwhile, incomes failed to increase for the first time since September.

Last week, official figures revealed the US economy experienced annualised growth of 2.4% in the April to June period.

The US economy has now grown for four consecutive quarters.

However, there have been fears about the strength of the US economic recovery, particularly as the country continues to grapple with high unemployment.

Higher unemployment and a slowdown in manufacturing have sparked fears of a “double-dip” recession in the world’s largest economy.

In related news today, the National Association of Realtors said its pending home sales index fell by 2.6% to 75.7 points based on contracts signed in June compared with May.

The industry body said its index fell to the lowest level since records commenced in 2001.

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