WASHINGTON -- U.S. consumer spending, which is estimated to account for two-thirds of the nation's gross domestic product (GDP), rose slightly in June, according to the U.S. Commerce Department.
Consumer spending for the month increased 0.4% to a $7.069 trillion annual rate. Leading the figures was consumer spending on durable goods -- items such as refrigerators and autos intended to last three or more years - which rose 1.5%. Income growth in June slowed from recent months. For the month, income increased 0.3% to an $8.745 trillion rate.