Daily Economic Indicator: Consumer spending is likely up

08/29/2011 | Bloomberg

Economists expect that consumer spending in the U.S. increased in July after a slight decline the previous month. Purchases likely climbed about 0.5%, according to the median estimates of dozens of economists ahead of an official report. "The report should be pretty solid, relative to beaten- down expectations," said Michelle Meyer, a senior economist at Bank of America.

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