[DMCForum] The economy is falling!!! Run and hide!!!

[Andrei Cular <andreic@xxxxxxxxxxxxxxxxxx>]

*The economy: June spending dips sharply

*Consumers cut their spending in June by the largest amount in almost 
three years, the Department of Commerce reported today.

Consumer spending fell 0.7 percent in June, compared to a 1-percent 
increase in May. It was the first decrease since September 2003, and the 
largest decline since September 2001.

Both personal income and disposable income increased a mere 0.2 percent 
in June, compared to increases of 0.6 percent and 0.5 percent, 
respectively, in May.

After adjusting to remove price changes, consumer spending decreased 0.9 
percent in June, compared to an increase of 0.6 percent in May. 
Purchases of durable goods fell 5.8 percent in June, compared to an 
increase of 3.7 percent the previous month.

Purchases of motor vehicles and parts accounted for most of the June 
decrease, as well as for most of the May increase. Purchases of 
nondurable goods declined 0.7 percent in June, compared to an increase 
of 0.3 percent in May.

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