Consumer Spending Falls in June
Consumers save more and spend less as recovery founders
Consumers saved more and spent less in June as wages and salaries declined and the economy remained sluggish, according to information released by the Commerce Department today.
Consumer spending decreased 0.2 percent from May, while saving rose by 5.4 percent. Wages and salaries paid by the government and private sector also fell from their May levels.
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JP Morgan Chase, one of the country's biggest lending institutions, predicts that the economic forecast in the United States might not be as dire as it seems. The firm, one of the nation's largest lenders, recently unveiled a report on consumer spending. The report says that, despite the housing crisis, increasing prices and high unemployment, United States businesses should have a plan ready for an increase in consumer spending. The report also indicates that business can drive the trend.
Here is the proof: New JPMorgan report predicts consumer spending will rise
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