U.S. consumer spending, a key economic gauge, rose by 0.1 percent in June, the slowest pace in the last nine months, due to the high gasoline prices and the housing slump, the Commerce Department reported on Tuesday.
The April rise in consumer spending followed a revised 0.6 percent gain in the previous month, and was also less than the 0.2 percent increase expected by many analysts.
Personal income, the fuel for future spending, expanded by 0.4 percent in June followed a same pace in May. Many analysts expected a 0.5 percent increase in April.
Core consumer prices, which exclude volatile energy and food costs, were up 0.1 percent in June.
Americans' personal saving rate, savings as a percentage of after-tax income, increased by 0.6 percent in June after a 0.4 percent rise in May.
Previous data showed May savings were at a negative 1.4 percent. A negative saving rate means that Americans are borrowing or dipping into savings to finance their consumption.
Source: Xinhua
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