US Consumer Spending Increased In June But More Recent Data Shows Spending Slowed In July

After announcing last Friday the nearly 33% drop in real gross domestic product 2Q-20, the Commerce Dept. released June consumer spending numbers. Sales rose 5.6% seasonally adjusted at an annual rate. Spending was particularly strong for products and service most impacted by the closures and reopenings, including restaurants, travel, medical care and clothing. But more…