US Consumer Spending Fell In July For First Time Since January

Americans spent less last month on personal items, things like shoes and eye exams, than in June, the Commerce Department said Friday, a warning that cautious household spending could hold back economic growth this fall. Consumer spending powers about two-thirds of the economy. Personal spending declined 0.1 percent in July, the first month spending has decreased since a cold snap deterred shoppers in January. In June, consumer spending increased 0.4 percent from the month earlier.