Byline: Associated Press
Americans' personal incomes climbed a healthy 0.6 percent in July while consumer spending slowed from its breakneck pace of the previous month, the government reported today.
The Commerce Department said that the increase in incomes matched a 0.6 percent rise in June and would have been even stronger except for a drop in government subsidy payments to farmers.
Personal consumption spending, which includes virtually everything except interest payments on debt, rose 0.5 percent in July, less than half the 1.1 percent rise in June. The report attributed much of the slowdown to a decline in sales of new cars.
The slower …
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