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Money USA: Household spending continues to grow in June

19:05  31 july  2020
19:05  31 july  2020 Source:   20minutes.fr

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USA-ECONOMY-CONSUMPTION: USA: Household spending continues to grow in June

WASHINGTON (Reuters) - US consumer spending increased in June for the second month consecutive, sign of an economic recovery expected in the third quarter despite the resurgence of cases of coronavirus contamination and the increase in unemployment.

Household spending, which accounts for more than two-thirds of economic activity in the United States, rose 5.6% in June after a record 8.5% increase in May following the reopening of shops, show data released Friday from the Commerce Department.

Economists polled by Reuters on average forecast a rise in consumer spending of 5.5% in June.

The gross domestic product (GDP) of the United States in the second quarter suffered a record contraction of 32.9% on an annualized basis, the measures taken to try to stop the coronavirus pandemic having paralyzed the world's largest economy.

(French version Juliette Portala, edited by Patrick Vignal)

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