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October 4, 2010    

US consumer spending up in August

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by Kay Murchie
”US

According to the Commerce Department, consumer spending in the US improved in August, despite households being squeezed amid higher unemployment.

Consumer spending, which makes up for more than two-thirds of overall economic activity in the US, rose 0.4% - the same as July’s figure and higher than the 0.3% expected by analysts.

In the meantime, personal income and disposable income grew 0.5% in August.

The data suggests that the world’s largest economy is continuing to recover from the worst recession in decades.

Patrick O’Hare at Briefing.com said the figures support the notion that a double-dip recession remains unlikely.

Last week, official figures revealed the US economy experienced annualised growth of 1.7% in the April to June period - slightly higher than the previous estimate of 1.6%.

It means the world’s largest economy has now grown for four straight quarters.

However, despite the upward revision, second quarter growth is still lower than the 3.7% reported in the previous quarter.

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