(NEW YORK) — Economists said before a report this week that U.S. consumer spending most likely increased in July by the most in five months, Bloomberg News reports.
A median estimate from 65 economists surveyed by Bloomberg ahead of an Aug. 30 report from the Commerce Department shows that purchases went up 0.5 percent after seeing little change in June, the news agency says.
The economists projected that this week’s spending report might show a 0.3 percent increase in incomes after a 0.5 percent increase in June, which was the most in three months, according to Bloomberg.
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Julia Horowitz, CNN
Paul Menser, BizMojo Idaho
John Gunnerson, BYU-Idaho