Consumer spending lifted by "cash-for-clunkers"

Reuters reports: U.S. consumer spending rose as expected in July, data showed on Friday, lifted by the government's "cash-for-clunkers" program that fueled demand for autos.

The Commerce Department said spending rose 0.2 percent after increasing by a revised 0.6 percent in June, previously reported as a 0.4 percent gain.

Analysts polled by Reuters had forecast spending, which accounts for about 70 percent of U.S. economic activity, rising 0.2 percent in July. Adjusted for inflation, spending was up 0.2 percent after gaining 0.1 percent in June.

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