Reports issued by the US Bureau of Economic Analysis, a branch of the Department of Commerce, revealed sluggishness in American spending and income levels at the consumer level. Three reports - Personal Spending, Personal Income, and the Core PCE Price Index - concur that US consumption is stagnating through the record hot summer months.
Personal spending stands out as the only indicator among the three to experience a contraction. Spending levels declined by approximately 0.2% in June. The other two reports each signaled a sluggish 0.1% growth, moderately below market forecasts. The news piles atop several other indicators of growing consumer pessimism which may lead the US dollar ( USD ) to make gains in the days ahead due to safe-haven asset purchases by global investors.
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