U.S. consumer spending rose in June for
a fourth consecutive month as optimism about the economic outlook
helped to lift sales, government figures showed.
The 0.3 percent rise in spending followed a revised 0.4
percent increase in the previous month, the Commerce Department
said in Washington. Adjusted for changes in prices, spending rose
0.1 percent, also the fourth consecutive gain. Incomes gained 0.3
percent for a second straight month.
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Rising stock prices, falling Federal Reserve interest rates
and the prospect of lower income taxes may encourage higher
household spending, which accounts for 70 percent of the economy.
This may spur economic acceleration in the second half of this
year, economists said. Gross domestic product expanded at an
annual rate of 1.9 percent in the first six months of 2003 and may
grow twice as fast from July to December, economists said.
Bloomberg News
