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The Washington Independent

In June, Families Made the Same, Saved More, Spent Less

Data released by the Bureau of Economic Analysis at the Commerce Department this morning shows that Americans earned a bit more, spent a bit less and saved more

Paolo Reyna
News
Last updated: Jul 31, 2020 | Aug 03, 2010

Data released by the Bureau of Economic Analysis at the Commerce Department this morning shows that Americans earned a bit more, spent a bit less and saved more in June — all in line with economists’ expectations. Consumer spending drives about 60 percent of the economy, therefore, economists do not expect the recovery to take strong hold until American families feel secure enough and are earning enough to spend again. Unemployment, of course, remains a major drag on the economy.

Wages and salaries fell $5.2 billion in June, after increasing $19.2 billion in May. Overall income increased $3 billion, less than 0.1 percent, between May and June. Consumer spending decreased $2.9 billion between May and June. And Americans saved $726 billion, 6.4 percent of disposable income, up from $714 billion in May. Overall, all of these key indicators of macroeconomic health point to a continued slowdown, or even a stall-out, in the recovery.

The core consumption expenditures index, an indicator of inflation excluding volatile food and energy prices, increased less than 0.1 percent.

Paolo Reyna | Paolo is a senior at the University of Illinois at Urbana-Champaign, majoring in International Studies with a Latin American emphasis. During the fall semester of 2012, he had the opportunity to study abroad in Peru, which piqued his interest in international growth. He learned about the disparities that impact indigenous peoples, got a taste of Peruvian culture, and improved his Spanish skills. Mitchel interned with the Chicago Council on Global Affairs, conducting research on food security in Latin America, after being inspired by his foreign experience. He wants to work in international development and for a government department, writing legislation. He loves playing intramural basketball and practicing for the Chicago marathon when he is not thinking about current events in Latin America.

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