8/5/2008

Consumer spending grew by 0.6% in June, but that gain was wiped out by inflation rising by 0.8%, the biggest monthly increase since September 2005. "That real consumer spending is down two-tenths in June is not a good thing in and of itself, but it also is a bad thing for what it means for third-quarter consumption," JPMorgan Chase economist Michael Feroli said.

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