3 August 2010, 18:03  US consumer spending 0,0%

US consumer spending was flat in June as incomes remained stagnant, amid slower economic growth and high unemployment. The US Commerce Department said consumption expenditures fell by less than 0.1% compared with a similar percentage rise in May. Disposal personal incomes - income after taxes have been paid - rose in June by a less than 0.1% from 0.3% the previous month. Most economists had expected flat spending but incomes to rise 0.1%. Consumer spending is a key driver of US economic growth, usually accounting for two-thirds of output. The US economy has been growing since mid-2009 after plunging into recession in December 2007, but the expansion pace has slowed with unemployment hovering around 9.5%.

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